Under What Status Code, The Income Tax Return of an Education Society will be filed?
Kunal Verma (Accountant) (83 Points)
26 May 2012Under What Status Code, The Income Tax Return of an Education Society will be filed?
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 26 May 2012
Educational Societies are governed by a trust. Hence, the status if trust may be assumed.
CA SANDESH MAHIPAL
(Practicing in GST and MSME )
(1985 Points)
Replied 26 May 2012
Yeah...Mr. Parteek Aggarwal is Right.
Educational Societies are covered under Trust.
Kunal Verma
(Accountant)
(83 Points)
Replied 27 May 2012
By the way Trusts and the Socities are different and also they have different acts for them?
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 28 May 2012
Hi Kunal,
Although trusts and societies are different, still there is no such educational institution which is run by a society. They are always run by a Trust. For trusts, use ITR-7
Kunal Verma
(Accountant)
(83 Points)
Replied 30 May 2012
CAclubindia
