Societies registered under societies act

Tax queries 296 views 1 replies

Dear Sir,

What are the income tax provisions for a society registered under socities act but not registered under INCOME TAX ACT, 1961?

It is running an educational school (not for profit) and the gross receipts are more than 1 crore....

In which section of Income tax Act it is to be audited and which ITR to be filed?...

Please tell me the detailed provisions with consequences... 

Replies (1)

Since the gross receipts exceed 1 crore for the FY, the provisions for exemption of Sec 11 to 13 will apply. Else exemption u/s 10(23C) would be applied.

Also it is subjected to tax audit as the gross receipts exceed 250000


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