| Question And Answer | |
|---|---|
| Subject: | Turnover , less than 5 crores , filing of report , school exemption .? |
| Category: | Income-Tax |
| Querist: | Ravi aiftp |
| Answered by: | Mr .Ganesh Purohit, Senior Advocate |
| Tags: | Exemption, filing of report, school, Turnover |
| Date: | January 16, 2024 |
In case of a school whose aggregate turnover during the financial year is less than 5CR. Do the school have to submit a report in form 10B/10BB. Will the answer differ if school is not registered u/s 12AA/10(23C)?
In case the gross receipts are less then Rs.5 Cr then no report is required to be submitted as it is exempt from operation of Income Tax act under section 10(23C) (iiiad)., If the school is not registered U/S 12AA/12(23C) will not make any difference. However if the school desires to take benefit of registration U/S 12AA then it should follow the mandate and requirement of filing of return and submission of audit report on form 10B/10BB.
Source : AIFTP Journal November 23
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