Society running a school

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Abhi123 (Querist)
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08 August 2007 1. Tax Liability and Tax Slab (Gross Receipts including donation is around Rs. 10 Lacs)

2. Whether Audit is compulsory

3. Whether Filing of return is complusory if net surplus is less than Rs. 1 Lacs

Shashi Mohan Jha

Shashi Mohan Jha (Expert)
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09 August 2007 The first thing required is the registration u/s10 & 12A..
Audit is compulsory both under provisions of Income Tax & Society

Filing of return is complusory if "net surplus" is less than Rs. 1 Lacs....the surplus means net receipt less expenditures..

You have to file return in order to justify that net receipts are exepted to be included as income.....

Abhi123

Abhi123 (Querist)
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09 August 2007 Thanx for ur reply, but There is a confusion with section 10 (23)(iiiad) and (iiiae) which say that income of other educational institution is exempt if their annual receipts are below a limit i.e. Rs. 1 Crores. And registration is required u/s 10 (23C) (iv) (v). However, it falls u/s 10(23)(iiiad)

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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11 April 2008 You have to first clearly state what is the entity with reference to which you need clarification

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