Tax audit - Non registered society, Income Tax

[VIVEK BANSAL]

SCHOOL RUN BY A SOCIETY REGISTERED UNDER SOCIETY REGISTRATION ACT BUT SOCIETY IS NOT REGISTERED UNDER INCOME TAX ACT UNDER SECTION SECTION 11 OR 12 .HAVING RECEIPTS OF RS EXCEEDING 40 LACS BUT INCOME IS LESS THAN RS 1 LACS.WHETHER SOCIETY IS REQUIRED TO FILE INCOME TAX RETURNS AND WILL HAVE TO GO FOR TAX AUDIT OR NOT.THANKING IN ADVANCE

Posts / Replies

[deepak gupta]

As per section 44AB if the receipt of income exceeding 40 lacs of any previous year then society go for audit and also have to file income tax return.