An Educational institute formed as Society and the Gross Receipts are more than 40 Lachs for the financial year 2008-09. Is TAX AUDIT applicable or not. They are not doing neither business nor profession.
An Educational institute formed as Society and the Gross Receipts are more than 40 Lachs for the financial year 2008-09. Is TAX AUDIT applicable or not. They are not doing neither business nor profession.
tax audit for society is mandatry for claiming exemption...i thin thre is no criterea to fulfil
Tax Audit is not applicable to the Educational Institution as Tax Audit u/s 44AB is applicable only when business or profession is carried on.
A society run ning educational institute is out of purview of Section 44AB. It can claim exemption from Income-Tax u/s 10(23C)(iiiad) if its gross annual receipts are upto Rs.1.00 crore.
However; its accounts are required to be audited as is required under Societies Act.
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