CA Atihash Agarwal (CHARTERED ACCOUNTANT) (187 Points)
16 January 2013An Educational Society has been registered in the Society Act. It runs an Educational Institution.
It works on NO PROFIT & NO LOSS.
Whether the Income of the educational society is taxable?
If the society makes FDR in bank or has rental income, Is it taxable?
Kindly Advise.
praveen
(Chartered Accountant)
(6971 Points)
Replied 16 January 2013
See if the education institution does not run on a profit model, then it can apply for certification from the income tax department.
If the department is convinced then the whole of income shall be exempt.
CAclubindia
