Educational institution
This query is : Resolved
24 February 2017
Sir/Madam
One of my relative has opened a school for profit motive and the pan they have obtained is that of an AOP Trust but they are not registered u/s 12 of the it act... the gross receipts has exceeded 2. 5 lakhs... my question is that are they liable to get their books audited??
please provide your valuable suggestions...
thank you in advance
CA R SEETHARAMAN
(Expert)
24 February 2017
Tax audit not applicable for gross receipts exceeding 2.5 lacs. Tax audit applicable if gross receipts exceeds 2 crore.
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