Educational institution
This query is : Resolved
16 August 2016
Sir/Madam
One of my relative has opened a school for profit motive and has made a pan card of a trust for the purpose of getting the registeration from state government. the gross receipts exceeds 2. 5lakhs... is the school liable for audit and what all compliances has to be done.... pls guide me with your valuable suggestions
thanks in advance
CA R SEETHARAMAN
(Expert)
16 August 2016
Tax audit applicable when the gross receipts exceed 1 crore. Only in case of 12A registered trust run without profit motive audit is required when gross receipts exceed 2.50 lacs. In your case you are liable for tax on the profit earned.
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST input credit on commercial property
- Nursery business
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- Import Order Cancelled.
- IMS (import of goods) ITC related
- Royalty payments to the Mining Department for procurement of murum - GST input
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
