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
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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