There is an Educational society registered under society registration act which runs about 5 institutions,The said society claims that there is a supreme court order which exempts such societies from income tax on their income upto Rs 1 crore.Pl advise whether such society is correct in its plea and whether such society will also be exempt from filing Income Tax returns .What is the way out if the society has failed to file income tax returns
Asked on 11/20/09, 7:10 am
1 Answer from Attorneys
Seshadri Srinivasan
www.lawconcern.com
The obligation to pay tax is different from the obligation to file return. It is better to consult lawyer with deed of trust and its amendments, the exact business being run and then take advise on the liability to tax.
warm regards
Answered on 11/20/09, 7:17 am
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