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Income of aop
A AOP is running a school and It earns a profit on it. School dont have a PAN. Should the assets of school will merged with the AOP and what will be the treatment of tax?
Please suggest answers with the specific section or any case available.
Replies (1)
School is not a separate assessee for Income tax purpose. Income of the school will have to be assessed in the hands of AOP
It is better to get registration u/s 12A as education is covered under Charitable purposes, so as to claim exemption u/s 11 and 12
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