HELLO FRIENDS, MY CLIENT IS AN EDUCATIONAL TRUST, IT IS REGISTERED UNDER SOCITIES ACT.
ITS RECEIPTS ARE LESS THAN RS 1 CRORE.
MY QUESTION IS IS ITS INCOME IS AUTOMATICALLY EXEMPTED U/S 10(23) C.
IF ITS INCOME IS MORE THAN RS. 1 CRORE THEN IT HAS TO APPLY FOR SEC 12A REGISTERATION.
FOR CLAIMING EXEMPTION.
BUT IF ITS GROSS RECEIPTS ARE LESS THAN RS 1 CRORE IT IS EXEMPTED.
EVEN 85% CONDITION IS NOT TO BE SEEN IN THIS CASE.
PLS. HELP ME.
AM I RIGHT OR NOT?
CAclubindia
