Itr form 5

This query is : Resolved

narender kumar (Querist)
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16 May 2018 A School registered as Society but not under income tax neither sec 11 or 10(23) exceed the limit of 1cr require to file to ITR 5 whether revenue and capital receipt will be clubbed similarly expenses.and the tax will be calculated on total revenue less total expenses and Depreciation will not be allowed. Whether audit u/s 44ab is compulsory or like other AOP/firm the profit will be taxable and loss can be carried forward. let me know the formalities to be completed for registration u/s 10(23)vi

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 May 2018 1 School exempt u/s 10(23c)(iiiad) whether registered under income tax or not.
As per section 10(23C)(iiiad), income received by a person by means of any university or any other educational institution existing solely for educational purposes and not for the purpose of profit and having aggregate annual receipts less than Rs. 1 Crore is exempt from income tax.
2 44AB not applicable.

narender kumar

narender kumar (Querist)
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31 May 2018 Sir you replied for > 1Cr clarify the position for <1.5 Cr whether audit u/s 44AB is applicable.

narender kumar

narender kumar (Querist)
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31 May 2018 Please Clarify the difference between Section 11 and section 10(23C) for seeking the registation

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 May 2018 44AB not applicable. 10(23c)(IV) approval required for educational institution receipt exceed 1 crore.

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