| Question And Answer | |
|---|---|
| Subject: | Renewal of exemption certificate , turnover less than 5 Crores ? |
| Category: | Income-Tax |
| Querist: | Ravi aiftp |
| Answered by: | Mr .Ganesh Purohit, Senior Advocate |
| Tags: | Renewal of exemption certificate, s.115TD |
| Date: | January 16, 2024 |
In case a school, having turnover less than 5CR decided not to obtain renewal of 12AA/10(23C) then would he be liable for tax as per section 115TD as exit tax.?
The tax under section 115TD is not free from doubt in view of the amendment from 1-4-2023 by addition of clause (iii) in sub section 3 of section 115TD, it is advised that as precautionary measure the compliance of amended provision should be taken care. In my opinion it is it is not hit by the provisions of section 115TD.More over the income of such institution is not chargeable to Income Tax under section 10(23C)(iiiad).
Source : AIFTP Journal November 23
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