Tax audit - Non registered society

[Asked by Guest]

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

As per section 44AB if the receipt of income exceeding 40 lacs of any previous year then society go for audit and also have to file income tax return.

AI Summary

Tax audit requirement: gross receipts exceeding the statutory threshold trigger mandatory audit and income tax return filing.
A receipts-based audit obligation applies: where an organisation's gross receipts in a previous year exceed the statutory threshold for audit, the entity must have its accounts audited and must file an income tax return in accordance with the audit provision cited in the discussion.