Section 10(23C) vs 11
This query is : Resolved
13 September 2008
Dear Member,
I would like to know whether a trust registered under section 11 running a education institute (School )can file its return under section 10(23C)
It has been filing its return under section 11 from past 15 year and so........
In the current year its not able to satisfy the condition of 85%/15% of income should be expended.
So we are deciding to file the return under section 10(23C) since it is running an educational institute and its turnover is not greater than 1 Crore.
IS THE STEP TAKEN BY US IS CORRECT OR WE shld FILE the return under section 11 only and not under 10(23C).
Pls help..
And also provide some referene to circular or note supporting the write up so that i can substantiate it ..
Regards
Ankitha
I would like to know whether a trust registered under section 11 running a education institute (School )can file its return under section 10(23C)
It has been filing its return under section 11 from past 15 year and so........
In the current year its not able to satisfy the condition of 85%/15% of income should be expended.
So we are deciding to file the return under section 10(23C) since it is running an educational institute and its turnover is not greater than 1 Crore.
IS THE STEP TAKEN BY US IS CORRECT OR WE shld FILE the return under section 11 only and not under 10(23C).
Pls help..
And also provide some referene to circular or note supporting the write up so that i can substantiate it ..
Regards
Ankitha
14 September 2008
You have both the option available. The best would be to avail Sec-10(23) so long as your gross receipts is less than Rs.100 lacs.
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