Public charitable trust running an International School, Is there a need for tax audit if gross receipt from school fees is more than 1 crore.
Income of trust is exempt u/s 10(23) of the Income tax act, 1961
Imran H Mansuri (Inter CA) (153 Points)
25 May 2013Public charitable trust running an International School, Is there a need for tax audit if gross receipt from school fees is more than 1 crore.
Income of trust is exempt u/s 10(23) of the Income tax act, 1961
Devendra
(Chartered Accountant)
(4775 Points)
Replied 25 May 2013
Yes. Tax Audit is required to be done.