Computation of income of educational institution

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2013 An educational institution is registered under Section 12AA of Income Tax Act.
Its Gross receipts are 30 Lacs
depreciation is 4.5Lac
It has defaulted in the payment of ESI.

How do we compute the income to be applied for exemption under Section 11 Of Income Tax act 1961.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

06 January 2013 The query is incomplete. Whatever expenditure has been made in running the educational institution may be shown as applied towards the objectives.
.
Depreciation is treated as an application.
.
Default will become an application only when the amount involved, will be paid.
.
15% of 30 lac i.e. 4,50,000/- can be accumulated. Meaning thereby , if the institution has applied 25,50,000/- then by virtue of Section 11, it is not required to pay any tax.
.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

bhavesh

Srikanthan S

rana andcompany

Pranab Banerjee

Gurunathan kannan

Subscribe Now

Computation of income of educational institution

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Manager- Finance and Compliance

GST CONSULTANCY

GST CONSULTANT

Senior Executive

CA Final