Advice
This query is : Resolved
14 August 2014
respected sir,
One of my clients is running educational institutions. Their gross receipts are more than 1 crore and they are having 10(23C) (VI) exemption.
Is it correct to show the income from the above is shown under Income from Business and claim exemption U/S 10(23C) (VI). Or else we have to show it under income from other sources.
Previous auditor has done like that.
Pl advice us in this matter.
thanking ;you sir,
Yours faithfully,
CA srinivas
One of my clients is running educational institutions. Their gross receipts are more than 1 crore and they are having 10(23C) (VI) exemption.
Is it correct to show the income from the above is shown under Income from Business and claim exemption U/S 10(23C) (VI). Or else we have to show it under income from other sources.
Previous auditor has done like that.
Pl advice us in this matter.
thanking ;you sir,
Yours faithfully,
CA srinivas
14 August 2014
in this case you need to comply section 11 guidelines. earlier CA has not given the correct treatment
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