Question ID :
38011
12 A CERTIFICATE IS NOT AVAILABLE IN CASE OF EDUCATIONAL INSTITUTION
THERE IS ONE EDUCATION INSTITUTION WHICH IS NOT REGISTERED U/S 12A OF THE INCOME TAX ACT. THE GROSS RECEIPTS OF EDUCATION INSTITUTES ARE MORE THAN 1 CRORE INCLUDING SALARY GRANT FROM STATE GOVT. RETURN OF INCOME NOT FILED DUE TO NON AVAILABILITY OF 12A. HOW TO FILE INCOME TAX RETURN?
PLEASE LET ME KNOW WHAT ARE THE CONSEQUENSES.
Posted by
MAHADEO VIRUPAX WALI
on
Feb 28, 2019
Filed Under
DIRECT TAXES
File ITR-5. Tax will have to be paid on gross receipt. No exemption under section 11 and 12 will be allowed.
Posted by
CA. chunauti dholakia on
Mar 01, 2019
Answer ID :
76348
Since the entity has not with it 12A. Hence it is not going to get the exemption under section 11 and 12 of the IT Act,1961. Generally education institution runs under society. Therefore the income of the society will be taxed as AOP and tax will be payable at maximum marginal rate on the income.
Posted by
CA. JHA SHANKAR KUMAR on
Mar 07, 2019