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Taxation of School

This query is : Resolved 
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(Querist)
01 September 2008 Any body

tell me about taxation of School run under society.

Is school income tax free??

What is procedure to enjoy tax free income ??

Under which section this will exempt ??
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CMA Jitendra Singh

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CMA Jitendra Singh (Expert)
04 September 2008 As per section 10(23C)in following cases ,school income is tax free -

1.School is financed in major part or fully by govt

2.School is not for profit motive and annual receipt is not more than 1 crore

3.Approved by Chief comissioner
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