dear expert,an educational instituion is registered under soceity act 1860 providing distance learning courses wants to file its ITR for AY 2015-16 n 2016-17.and wants to borrow money from bank.
it got registered in 2012 n on return has been submitted yet n bank a/c in the name of the institution is opened in fy 2016-17.earliar it fees was not deposited in bank .sir how to file ITR .members shares is not defined.is there any penalty for not fillling itr earliar years.pls explain it in details.thank you
Tax compliance for AOPs: delayed income tax returns and non banking of fees can affect borrowing and trigger penalties. Tax compliance of an AOP registered under the Societies Act running distance learning courses requires regularising income tax filing by determining AOP status and submitting overdue returns; non banking of fees and late bank account opening affect assessability and proof of receipts and may attract penalties. Undefined membership shares complicate allocation of income among members and can hinder fulfilment of lender requirements for loan processing. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
