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Educational institution registration

Shiva Prakash (Promoter) (30 Points)

22 November 2016

We are running a Fine Arts School in Koramangala. Have expansion plans as an Arts Academy. Hence want to Register. Our school also undertakes a lot of social cause activities Hence want to know on Registration- Proprietary, ,Partners ( Husband and wife) Trust . What would be the tax implications .

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Hitesh Khanna (Accounting & Finance Taxation Company Law Audit ) (839 Points)
Replied 22 November 2016

Well the sort of advice you are seeking is not possible for anyone to deliver through this forum.
lets start from the last
You need to Submit ITR 7 as your Income Tax return.
Instead of preparing profit & loss account , you need to prepare Receipts & payments Account.
You need to register your Institute as a society under the