01 November 2019
Is it mandatory to file Income Tax returns by an University which is running with the 100% grants released by State Government. The Income Tax authorities are issuing notices for filing of IT returns. Please clarify whether the University has to file annual IT returns. If so, how what are the components of grants received by University ( i.e., salaries to Professors & supporting staff, scholarships/stipends to students, etc) to be taken into account for filing of IT returns and the time frame of Returns to be submitted. Please clarify the above at the earliest.
CAclubindia
