Income tax u/s 10(23c)(iiiad) of the income tax act
This query is : Resolved
07 August 2019
As far the above sec stipulated that if an institution (not registered U/S 12A of the Income tax Act) predominantly doing educational activity and the gross receipts is less than 1 crore then entire income is exempt from tax. The section didn't elaborate how to compute the tax liability and what are all the consequences in case of violation sec 40A (3) as well as other provisions of the income tax act. So pls suggest me how to compute the income and file the IT return of the educational institution.
08 August 2019
No need to file any IT return for such exempt institution.
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