An Educational institute formed as Society and the Gross Receipts are more than 40 Lachs for the financial year 2008-09. Is TAX AUDIT applicable or not. They are not doing neither business nor profession.
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TAX AUDIT APPLICABILITY
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tax audit for society is mandatry for claiming exemption...i thin thre is no criterea to fulfil
Tax Audit is not applicable to the Educational Institution as Tax Audit u/s 44AB is applicable only when business or profession is carried on.
A society run ning educational institute is out of purview of Section 44AB. It can claim exemption from Income-Tax u/s 10(23C)(iiiad) if its gross annual receipts are upto Rs.1.00 crore.
However; its accounts are required to be audited as is required under Societies Act.
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