School income

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jitender (Querist)

01 May 2014 is school income taxable ,if yes tn under which head it is taxable and for filing return which form require and tax rate applicable on such income ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

01 May 2014 if its a trust reg with income tax dept then u need to spend atleast 85% of the income as earned else it will be taxable.

Nikhil Kaushik

Nikhil Kaushik (Expert)

01 May 2014 subject to registrations with Income-tax department, schools with less than Rs 1 cr revenue have their income fully exempt subject to application of said money for stated purposes.

For schools with revenue higher than Rs 1 cr, section 11/12 apply as Tushar stated.

Please note charitable purpose is essential for the regulations stated above.

Rupesh Jain

Rupesh Jain (Expert)

01 May 2014 for taking any exemption of school income. pls check status of school. it is name of individual or partner ship or as above stated society or trust then you can claim exemption u/s 11/12.

Nikhil Kaushik

Nikhil Kaushik (Expert)

02 May 2014 even an partnership is eligible for claiming 11/12. it is not necessary to have a society only.

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