Tax audit of a cooperative society

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sanish p balan (Querist)

24 September 2012 Sir,

One of my client is a registered co-operative society running a educational institution. Not registered under 10(23c) and not registered under income tax for any exemption

this assesment year their gross receipt exceeds 1 crore.

my question is under which head their income should be shown in Income Tax Return??

which Form should be used for issuing Audit Report???

Kindly advise me.

Please..

Regards,

Sanish P Balan.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)

24 September 2012 Better to Register U/s 1023c. or under 12A. to Get Benefit.

Now Its Fully Taxable Except Deductions Available u/s 80P.
Only 50000 Rs Deduction Available u/s 80P.
Rest All Taxable After Deducting Expenses.
Its to be Treating as Business Income.

Message likes : 1 times

CA Ayush Agarwal

CA Ayush Agarwal (Expert)

24 September 2012 Further the societies are taxed as per the following slab: _
Income upto Rs 10000 10 %
Income upto Rs 20000 20 %
Above 20000/- 30 %
The income tax as arrived above has to be increased by 3 % of tax payable towards Education Cess and Higher education Cess.

sanish p balan

sanish p balan (Querist)

24 September 2012 Sir Audit Report in Form 3CA & 3CD also applicable??

CA Ayush Agarwal

CA Ayush Agarwal (Expert)

24 September 2012 NO, NOT APPLICABLE

sanish p balan

sanish p balan (Querist)

24 September 2012 Then Please Tell me in which Form Audit Report Should be Given??

CA Ayush Agarwal

CA Ayush Agarwal (Expert)

24 September 2012 Dear Sanish,

There Will be Two Audit applies, You are right, Form 3CA & 3CD Applies in Case of Tax Audit. Not 3CB.

& Regarding Other Audit:-

Since Registered Under Cooperative Society Act, Need to do Statutory audit Also, Format As Prescribed in Every State.

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