Audit of Educational Society
This query is : Resolved
nitin gulati
(Querist)
03 April 2009
An educational school registered as society received fees Of Rs 15 Lacs during the FY 2008-09.
It has surplus of Rs 1.20 lacs after accounting of expenses(i.e Fees-Expenses)
Above mentioned society wants to take tax benefit u/s 10(23C)(iiiab) .
1.As its income is less than Rs 1.50(below Exemption Limit) even then it requires to get its accounts audited and file IT Return ?
2.Whether audit depends upon the receipts of fees ?
Please give views.
It has surplus of Rs 1.20 lacs after accounting of expenses(i.e Fees-Expenses)
Above mentioned society wants to take tax benefit u/s 10(23C)(iiiab) .
1.As its income is less than Rs 1.50(below Exemption Limit) even then it requires to get its accounts audited and file IT Return ?
2.Whether audit depends upon the receipts of fees ?
Please give views.
CA. B.SRINIVASULU
(Expert)
03 April 2009
If you want to claim total exemption then your accounts has to be audited.
Since your taxable limit is less than the minimum taxablelimit you cannot say that my accounts neednot be audited.
Since your taxable limit is less than the minimum taxablelimit you cannot say that my accounts neednot be audited.
nitin gulati
(Querist)
03 April 2009
thanks again
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