school income

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whether income earned by a school is business income or professional income.what is the limit for tax audit.

Replies (3)

All educational institutes are registered under society act and there are no income generated in books. If any income shown in B/S that will be carried forward to next year.

 

>> Rajesh

Originally posted by :vinod bajaj
" whether income earned by a school is business income or professional income.what is the limit for tax audit. "


 

it is a private school and not a society

It is not a society? Is it a proprietory concern,partnership or private ltd company?  you have to follow the normal procedure


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