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A society was registered under West Bengal Society registration Act, 1961 and obtained PAN as a AOP. Main object of the society to provide technical knowledge to the students of a college run by that society. Gross receipt for the year 2010-11 was Rs. 18 Lacs. As per Audit report, it was furnished in Form No. 10B of the Income Tax. However during the year 2011-12, Gross Income was Rs. 322 lacs. My question is,whether the accounts to be audited U/s 44AB of the Income Tax Act? Secondly whether auditor have to furnish Form 10B as audit report? Lastly,whether society have to pay Income tax on the surplus or have to file Income Tax Return for the A.Y. 2012-13? |
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AS per my openion society is not required to get audit u/s 44AB because it is not running any business.
if society registered in 12A than reuired audit report u/s 10B and np tax shall be liable.
if not registered in 12A than get audited accounts and liable for tax as AOP. if gross receipts more than 100 Lacs . |
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