Question ID : 33791

Is Audit of society not registered U/s 12AA compulsory ?

Dear Sir, An educational society , not registered U/S 12AA of IT Act, having gross receipts of 32 lacs. Is it compulsory to audit if, yes under which section, please guide.

In my view audit is not required as there is no such requirement under the the I.T.Act. Please also refer S. 10(23C)(iiiad) under which educational institute income is exempt. However return is to be filed u/s 139(4C)