Audit of school/colleges ?

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Rajashekar Reddy (Querist)
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18 September 2013 A school/college is registered under societies act, what are the tax implications and is audit compulsory every year?
In what form audit report should be given ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 September 2013 I believe the society must have been registered under 12A with Income tax authorities. If yes, then the appropriate ITR is ITR7, tax audit report is to be filed in Form 10B.

If it is not registered as a charitable entity under 12A, then file the return in ITR 5, and issue a normal audit report. For tax audit, if applicable, use Form 3CB-3CD.

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