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Audit of educational society

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(Querist)
21 September 2011 We have created a school under the Educational Society last year and collected fees from school around Rs.5 Lakhs, and the book of acconts shows net loss of Rs.50000/- . I want to know whether we need to get our accounts audited or we can file the return without audit and please let me know which ITR should be used.

Thanks
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VISHRUT

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VISHRUT (Expert)
21 September 2011 Being a Society to get account audited is must and no other criteria will e applicable so statutory audit will be required to perform in said case.
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