Tax audit of a cooperative society
This query is : Resolved
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.
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.
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.
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.
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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.
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.
24 September 2012
Sir Audit Report in Form 3CA & 3CD also applicable??
24 September 2012
NO, NOT APPLICABLE
24 September 2012
Then Please Tell me in which Form Audit Report Should be Given??
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.
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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