Tax audit - Non registered society

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SCHOOL RUN BY A SOCIETY REGISTERED UNDER SOCIETY REGISTRATION ACT BUT SOCIETY IS NOT REGISTERED UNDER INCOME TAX ACT UNDER SECTION SECTION 11 OR 12 .HAVING RECEIPTS OF RS EXCEEDING 40 LACS BUT INCOME IS LESS THAN RS 1 LACS.WHETHER SOCIETY IS REQUIRED TO FILE INCOME TAX RETURNS AND WILL HAVE TO GO FOR TAX AUDIT OR NOT.THANKING IN ADVANCE

AI Summary

Society with Receipts Over 40 Lakhs Must File Income Tax Return and Conduct Audit per Section 44AB. A query was raised about a school operated by a society registered under the Society Registration Act but not under the Income Tax Act. The society has receipts exceeding 40 lakhs, but income is less than 1 lakh. The question was whether the society must file income tax returns and undergo a tax audit. The response clarified that under Section 44AB, if receipts exceed 40 lakhs in any previous year, the society must conduct an audit and file an income tax return.