Taxability of school
This query is : Resolved
02 January 2015
Dear Sir/Mam,
(1) What are the income tax provisions which are applicable on Schools that are operated by the society ?
(2) There is a society which is running a school, my query is, is the society required to file income tax return in case they have income exceeding minimum exemption limit ?
(1) What are the income tax provisions which are applicable on Schools that are operated by the society ?
(2) There is a society which is running a school, my query is, is the society required to file income tax return in case they have income exceeding minimum exemption limit ?
02 January 2015
Yes the society is required to file ITR7 AND If the gross receipts of the school is less than Rs 1 crore the income will be exempt under section 10(23c)(iiiad) whereas if the receipts exceeds above 1crore the will be exempt under section 10(23c)(vi) but for claiming said exempt the society / school is required to file an apllication under Form 56 with CIT
03 January 2015
In continuance of my earlier reply kindly read the Form 56D instead of form 56 and CCIT (Chief Commissioner of Income Tax ) instead of CIT
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