There is a society which is registered under society registeration act 1860 but not under Sec 12A & 80G of Income Tax Act.This society is providing education & computer classes.
Issue-1 : In which status it will be assessed ?
Issue-2: Whether Exemption limit of 1,60,0000 will be applicable ?
Issue3: Requirement of Tax audit?
Issue4: ITR Form No?
Issue5: If trustee has purchased some assets from his personal A/c then whether this amount will be taxable?
Issue6: Whether return will be filed online or manual
Issue7:whether in Accounts Fixed assets purchased by Trustee will be shown as Corpus or otherwise
please guide me in this matter
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Societies taxation
Replies (3)
Issue 1 : As AOP/BOI
Issue 2 : Yes but to a limit as per sec. 67A
Issue 3 : depend up on turnover
Issue 4 : ITR 5
Issue 5 : No
Issue 6 : Both way as u consider easy
Issue 7 : Corpus
agree on all issue as mentioned by CA ankur goel.
also this society cannot claim exemption u/s 11 & 12.
Answer:
Issue1 :As a Trust because educational so Exemption u/s 10(23C)(iiiad) can be claimed if Receipts are less than Rs. 1 crore 1
Issue 2:Yes if There is Surplus then Exemption limit will be applicable
Issue3:If Receipts without giving exemption u/s 10(23C)(iiiad) are more than Rs. 160000 then Tax audit is Required.
Issue4: Form No ITR-7
Issue5 :It can be shown as sundry Creditors No Taxability
Issue6:Manual Return
Issue7:You can show it under the head sundry creditors
Regards
Ankit Singhal
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