Tax filing for schools
I need know about the detailed procedure for filing income tax return for schools.Is it that whole income of schools is fully exempted.
Kindly guide for the same.
the NGO is exempt depending in which nature it is formed and registered
an NGO can be registered as follows
3. non profit company U/s 25 of the companies act 1956
so it depends whether the school is an NGO or a PVT company or a firm or sole proprietor
the taxability would depend on the above fact.
1. School are filing the income tax return under the status of Artificial Judicial Person
2. For getting the exemption they have to fill up an application to Chief commissioner of income Tax u/s 12A of the income tax act 1961 .
3.ALL THE SCHOOLS HAVE TO SUBMIT RETURN UNDER SECTION 139(4D).
4. SCHOOLS HAVE TO FILE ITR -7 BECAUSE THEY ARE EDUCATIONAL INSTITUTIONS .....