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Had a talk on 21.07.2018 through Thakurani webs...

Had a talk on 21.07.2018 through Thakurani website.

There is one educational institution registered for PAN as AOP.

Carrying out activities for the last 5years. Annual fees receipts are less than 1cr. No return of income is filed yet now. Are they eligible for exemption u/s 10(23C)(iiiad). What are thr forms and documents to be submitted with Income Tax Authorities to claim exemption.

Awaiting for your reply as it is urgent to file AY 2018-19 return of income.

Thank you Sir

Had a talk on 21.07.2018 through Thakurani website.

There is one educational institution registered for PAN as AOP.

Carrying out activities for the last 5years. Annual fees receipts are less than 1cr. No return of income is filed yet now. Are they eligible for exemption u/s 10(23C)(iiiad). What are thr forms and documents to be submitted with Income Tax Authorities to claim exemption.

Awaiting for your reply as it is urgent to file AY 2018-19 return of income.

Thank you Sir

0
Chiranjibi Jul. 27, 2018

Hi,


First of all, I would like to know if the total income of your AOP exceeds the basic exemption limit of Rs. 2.50 lakhs or not.


And secondly, kindly inform if you use the revenue of the AOP for the sole purpose of providing education without a profit motive.




You may claim the exemption in the above regard if your income exceeds the basic exemption limit but is below Rs. 1 cr, by filing your return of income within the due date.


For Explanation:


Under section 10(23C)(iiiad) of the Act, any university or other educational institution existing solely for educational purposes and not for purposes of profit if the aggregate annual receipts of such university or educational institution do not exceed the amount of Rs.1 core can avail of this exemption, if they file their return of Income within the due date.

Had a talk on 21.07.2018 through Thakurani website.

There is one educational institution registered for PAN as AOP.

Carrying out activities for the last 5years. Annual fees receipts are less than 1cr. No return of income is filed yet now. Are they eligible for exemption u/s 10(23C)(iiiad). What are thr forms and documents to be submitted with Income Tax Authorities to claim exemption.

Awaiting for your reply as it is urgent to file AY 2018-19 return of income.

Thank you Sir

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