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