There is subscripttion received from members of Rs 4 lacs and Expenses Rs 2 lacs and as a result of this, there is surplus of income over expenditure of Rs.2 lacs, is there any limit under which their surplus / income say 1.5 lacs is not taxable?
Do we need to file the ITR as income of Section 25 Company is not exempt unless Section 25 company has been registered under section 12 of Income tax act.
No Income Tax return has been filed so far and has not complied with TDS provisions so far.
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