Exemption u/s 10(23c)(iiiad)

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ganesh (Querist)
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08 April 2016 The trust has formed for the purpose of education and their total receipts for the period ended 31.03.2015 was Rs.1700000/-. They didn't apply 12A registration. hence i have filed the return applying 10(23C) which is stated that the education institution existing solely for educational purposes and not for the purpose of the profit if the aggregate annual receipts of such educational institution does not exceed Rs.1 Crore.

Subsequently the trust return has been processed by CPC and treated as defective return. The reason stated in the notice was "audit is compulsory".

In this regard kindly clarify the following points
1. No audit report format prescribed for claiming exemption U/S 10(23c)(iiiad). How can i file the audit report.
2. Is it compulsory to get the registration U/S 11

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 April 2016 1 No audit report need to be filed. No return need to be filed.
2 Not compulsory to register u/s 11.

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Amol S Joglekar

Amol S Joglekar (Expert)
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08 April 2016 A practical note : It seems that CPC has some deficiency in its software so far as TRUSTs are concerned. Its software seems to have only one category. It simply derecognises, private trust, beneficiary share known or unknown......12A registered or not.... I think we need to do some thing collectively at the ICAI level.
Your views please.

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 June 2016 Yes we should take up the issue with ICAI.

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