Income tax
This query is : Resolved
Dilip Datta Choudhury
(Querist)
06 November 2015
A (partnership)montessori school collect tution fee from tiny student. The total fee received for the financial year 2014-2015 above Rs.42 Lakhs and profit ratio beore partners remuneration above @8%. There is required tax audit as per Income Tax Act, 1961.
ANKIT AGARWAL
(Expert)
10 November 2015
If it is a professional Receipt, the Tax audit is applicable on receipts above 25 Lacs
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