Income tax return of schools
This query is : Resolved
CA PAWAN SETHI
(Querist)
25 June 2009
how income of schools be taxed?
is the surplus arises to school be taxed as trust.
please give the detailed information.
is the surplus arises to school be taxed as trust.
please give the detailed information.
CA.BHARAT BHUSHAN
(Expert)
28 June 2009
It is not necessary that the surplus of Schools shall be taxaed as trust. It depends upon the ownership of school.If it is owned by an individual then it will be his income or if it is owned by firm then it will be its income and so on.
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