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
Educational Institution Seeks Guidance on Filing Income Tax Returns and Understanding Penalties Under Societies Act of 1860 An educational institution, registered under the Societies Act of 1860 and offering distance learning courses, seeks guidance on filing its Income Tax Returns (ITR) for the assessment years 2015-16 and 2016-17. The institution, established in 2012, has not yet filed any returns and opened a bank account in the fiscal year 2016-17. Previously, fees were not deposited in the bank. The institution is also considering borrowing from a bank. It seeks advice on filing ITRs, defining member shares, and understanding potential penalties for not filing returns in previous years. (AI Summary)
TaxTMI 
TaxTMI 
