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When educational institution liable to file audit report?

Potnuru Sreenu (ACCOUNTING EXCUTIVE) (32 Points)

07 August 2013

Is the educational institution liable to e- filing of audit report if net income exceeds basic exemption limit (AY Rs. 200000) but total gross receipts are not exceeding 1crore?

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CA Dron Bharadwaj (CA in Practice) (250 Points)
Replied 07 August 2013

The income of educational institution is exempt u/s 10(23C)(iiiad) if the aggregate annual receipts of such educational institution do not exceed Rs. 1 Crore.

Further, there is no requirement of audit under the Income Tax Act, 1961 for such institutions (even if the total income exceeds maximum amount not chargeable to tax).