A Educational Trust is registered under section 12A and is having gross receipts of 3 crores and profit of Rs.74 lakhs. Whether it will be liable for Tax Audit and whether income of 74 lakhs would be taxable.
Kindly Advise.
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Taxation of trust registered under section 12a
Replies (2)
yes you are required to tax audit and as your income exceed 15% of gross receipts you are liable to pay tax.
Whether educational Trust can claim depreciation on school building
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