Is the educational institution liable to e- filing of audit report if net income exceeds basic exemption limit (AY Rs. 200000) but total gross receipts are not exceeding 1crore?
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When educational institution liable to file audit report?
Replies (1)
The income of educational institution is exempt u/s 10(23C)(iiiad) if the aggregate annual receipts of such educational institution do not exceed Rs. 1 Crore.
Further, there is no requirement of audit under the Income Tax Act, 1961 for such institutions (even if the total income exceeds maximum amount not chargeable to tax).
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