One of my new client is running education society (duly registered under the
society act) with gross total receipt of more than Rs. 40 lacs for the f.y.
2009-10. It has not applied to income tax department for any type of exemption
yet. what will be the format of audit report i.e. form 3CB & 3CD under Tax Audit
or form no. 10BB or in any other format.
What will be the position if its total receipt exceeds Rs. 100 lacs for the F.Y.
2009-10.
Thanks
CA.Mkhandelwal
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AUDIT OF EDUCATION SOCIETY
Replies (2)
Please refer Section 10(23C)(iiiad). Such institutions income is exempt under this section if annual receipts are less than Rs. 1 crore.
Section 44AB is not applicable to educational institutions. This section is applicable to business or profession.
Audit report would be required as per Form No. 10BB.
For the year ending 31 03 2009; where receipts are under 1 crore; claim exemption under section mentioned first above.
For the year ending on 31 03 2010, taxation would be applicable as is applicable on AOP.
sir....
since the form 10BB is applicable only for the educational institutions covered under sub clause (iv), (v), (vi), (via) of 10 (23C).
Is there any other form applicable toinstitutions covered under 10 (23C)(iiiad)?
thanks
saiprem
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