audiit for society
03 May 2010
please let me know what is the threshold limit for audit of educational register society ? is this 1 crore or rs. 1000/-for clarification if education society is taking fee from student which is above rs, 1 crore then is it liable for audit please calrify it is very urgent.
13 May 2010
Sec.10(23c)(iiiad) exempts income of educational institutions from taxation provided the gross receipts does not exceed Rs.1crore. But this section does not exempts the educational society from getting its books of accounts audited as the same is dealt with u/s 44AB. Sec.44AB states that if the gross receipts or turnover is more than 40lacs (FY 2009-2010) audit of accounts is mandatory. So in case where you have an educational society that has got gross receipts less than 1crore but more than 40lacs audit is compulsory. In case the gross receipts of the educational society is more than 1cr, they have to apply with the department for exemption of income in the prescribed format.