11 July 2020
Question 1:- Is school, college and hospitals are profit making organization or non profit making organization? 2.I often confused that why school/college/hospital are assessed as 'Trust' under IT act. Can these be assessed as individual/firm/Aop/BOI if profit making is the aim?
11 July 2020
1 At the option of the owner it can be profit making organization or non-profit making organization. Non profit making is the condition for exemption from tax. 2 yes these can be assessed as individual/firm/Aop/BOI if profit making is the aim. These are assessed as trust to claim tax exemption.
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