Taxes to be paid by school (educational society)

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This query is : Resolved

Ram Sowrya (Querist)

18 August 2013 Dear Members,

Running private school since 18 months in Andhra Pradesh

Still now we did not pay any tax.

What are the taxes to be paid by school

Did not hire any accountant/consultant
in this regard.

What are the mandatory taxes to run school successfully.

Please enlighten us

Thanks in Advance

suneel

suneel (Expert)

19 August 2013 First have you get registration certificate from as society registration and persmission to run the school from educational department andhra pradesh.
Then apply for PAN card. Deposit the receipts in bank account regularly.
You need to deduct TDS on rent and salaries as and when applicable.
You have to maintain books of accounts. File ITR 7.
In case you need more help mail me at suneel2005@gmail.com
Am practicing CA from Hyderabad.

Suneel

CA. C V SURYAM

CA. C V SURYAM (Expert)

20 August 2013 Additional inputs from my side:

You need to register under service tax if the gross receipts crossed Rs.9 lacs during the previous year and start paying service tax once you cross rs.10 lacs, In the first year of crossing Rs.10 lacs, you can avail basic exemption limit of Rs.10 lacs and balance amount is taxable. Next, in the 3rd financial year if gross receipts do not cross Rs.10 lacs, even then you need to pay service tax from the day one. Suppose, in this 3rd year if gross receipts do not cross Rs.10 lacs, then in subsequent year i.e, 4th year again you are entitled to claim exemption like in first time. For further clarifications, I can be reached at cvsuryam@rediffmail.com (9177171123/9848180210).

suneel

suneel (Expert)

08 December 2013 Sir if you are running just a school up to tenth class then service tax is not required. This is only for educational institutions which offer education for SSC or +2 only

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