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.
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.
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.
.
.
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- Section 50-fixed asset-->building ceases to exist
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Gift Received from nonblood relative
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Experts need help
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
