TAXATION OF EDUCATIONAL TRUST

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Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2010 AN EDUCATIONAL TRUST NOT REGISTERED WITH INCOMETAX DEPT.U/S 12 OF THE INCOME TAX ACT AND IS GROSS RECEIPTS IS MORE THAN 1.00 CRORE,WHILE GROSS RECEIPTS CONSTISTS RECEIPTS ON A/C OF GOVT. GRANTS TO THE TUNE OF APP. 45% OF THE TOTAL GROSS RECEIPTS. THEN IN SUCH IS CASE ACCORDING SEC. 10(23C)CONDITIONS WHETHER SURPLUS IN THE BOOKS IS LIABLE FOR INCOME TAX?
REMEMBEER I AM NOT ASKING DEDUCTION U/S 11 OR 12,WHERE PRIOR CONDITION IS OF 12A REGISTRATION OF THE SOCIETY BUT UNDER SEC 10(23C). KINDLY ALSO REMEMBER SOCITETY IS PURELY EDUCATIONAL AND NO OTHER ACTIVITY IS CARRIED OUT.

CA.Madhusudan B.P.

CA.Madhusudan B.P. (Expert)
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05 November 2010 It is simple IF THE INCOME TAX DEPARTMENT HAS NOT GRANTED ANY EXEMPTION YOU CANNOT TAKE THE BENEFIT U/S 10.
Even U/s 10(23C) also makes reference in various sub-section & explanation to make an application to Prescribed authority (Chief Commissioner or Director General of Income Tax)
Make an application to the authority & get the benefit under the Income Tax Act 1961

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