Taxability of running play schools
This query is : Resolved
14 March 2015
Income (gross annual receipts does not exceed Rs.1,00,00,000) from play school is taxable or not? Eligible for Exemption U/s 10(23C)(iii-ad)? Hi please answer for this if know anybody most urgent?
14 March 2015
Where the educational institution is not financed by the Government and the aggregate annual receipt of the university or educational institution does not exceed Rs.100 lakhs, then any income of such educational institution or university is also exempt, subject to the condition that it exists solely for educational purposes and not for purposes of profit [S. 10(23C) (iiiad)].
If the school is established solely for educational purpose and not for purposes of profit then the income is exempted from tax.
If the school is established solely for educational purpose and not for purposes of profit then the income is exempted from tax.
14 March 2015
ok sir but i am asking is it applicable to play school for childrens? Kindly give solution sir..
14 March 2015
Play school can't be said to be established for educational purpose.
Condition for exemption is existence of the institution as imparting of education during the relevant year.
Condition for exemption is existence of the institution as imparting of education during the relevant year.
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