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Applicability of income tax to the educational societies

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(Querist)
08 March 2013 A Private Education society runs a day cum boarding school for all sections of society. Is it liable to pay Income Tax on its receipts deriving from imparting education?
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Soumitra Basu

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Soumitra Basu (Expert)
10 March 2013 If it is society or charitable trust and has gross receipt of less than 1 crore, there is no tax irrespective of profit.
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shreyans kothari

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shreyans kothari (Querist)
10 March 2013 Sir, the gross receipts of the society crosses 1 crore. However it has not accumulated more than 15% of its gross receipts anytime. Moreover, no government aid has been taken. All the expenses made are directly attributable to the purpose of imparting education. So what is your view point here?
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Soumitra Basu

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Soumitra Basu (Expert)
10 March 2013 You have to apply to cmmissioner for getting exemption. Please see section 10(23C)(v).
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