Educational Society Granted Tax Exemption Despite Delay in Audit Report for Allocating 85% of Income to Charitable Activities.

Educational Society Granted Tax Exemption Despite Delay in Audit Report for Allocating 85% of Income to Charitable Activities. https://www.taxtmi.com/highlights?id=75354 Eligibility for exemption u/s 10(23C)(iiiad) - claim not made in return of income - failure to furnish audit report in Form 10B - The Tribunal found that the institution, a society providing education, had spent more than 85% of its receipts towards charitable purposes. Despite a belated submission of the audit report, the institution was eligible for exemption under section 10(23C)(iiiad) of the Act. Consequently, the appeal was allowed, granting the institution the exemption it sought. en-us Sat, 02 Mar 2024 10:52:42 +0530 Sat, 02 Mar 2024 10:52:42 +0530 TaxTMI RSS Generator Educational Society Granted Tax Exemption Despite Delay in Audit Report for Allocating 85% of Income to Charitable Activities. https://www.taxtmi.com/highlights?id=75354 Eligibility for exemption u/s 10(23C)(iiiad) - claim not made in return of income - failure to furnish audit report in Form 10B - The Tribunal found that the institution, a society providing education, had spent more than 85% of its receipts towards charitable purposes. Despite a belated submission of the audit report, the institution was eligible for exemption under section 10(23C)(iiiad) of the Act. Consequently, the appeal was allowed, granting the institution the exemption it sought. Highlights Income Tax Sat, 02 Mar 2024 10:52:42 +0530 https://www.taxtmi.com/highlights?id=75354