Dance Promotion society Taxability

Based on your descripttion, the society appears to be a non-profit organization established for the advancement of music and dance, with surplus funds from participants and expenses related to tournaments. In India, such societies are generally registered under the Societies Registration Act, 1860. Regarding income tax audit and exemption: 1. Audit: As a society, you are required to get your accounts audited under the Societies Registration Act. However, you may also need to comply with income tax audit requirements if your income exceeds the threshold limit (currently ₹1 crore). 2. Exemption: You may be eligible for exemption under Section 12A of the Income Tax Act, 1961, as a non-profit organization. This section provides exemption to income derived from property held for charitable or religious purposes. Additionally, you may also be eligible for exemption under Section 80G of the Income Tax Act, which provides exemption to donations made  Please note that tax laws and regulations are subject to change, so it's essential to stay updated and ensure compliance with the relevant provisions.