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

This query is : Resolved

ganesh (Querist)
Follow

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)
Follow

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.

Message likes : 1 times

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

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.

Message likes : 1 times

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

11 June 2016 Yes we should take up the issue with ICAI.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

jaspreet sidana

Navneet Pratap Singh

AJAY Kumar Agrawal

office docs

Manoj Sharma

Subscribe Now

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

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant