Audit for EducationalInstitutions
Tax Audit for EducationalInstitutions threshold limit and due date for educational institutions like schools, colleges, universities and professional schools in India are as follows:
Threshold Limit:
Education institutions required to get a tax audit done if their total gross receipts or turnover exceed ₹1 crore in a financial year.
If the institution’s receipts are below this threshold, a tax audit is not mandatory.
Due Date of Tax Audit Report:
The due date for filing the tax audit report for educational institution falls on the 30th of September of the assessment year.
Assessment year is the year following the financial year for which the audit is being conduct.
For example, if the financial year is from April 1, 2022, to March 31, 2023, the assessment year would be 2023-2024 and the due date for the tax audit report would be September 30, 2023.
It’s crucial for educational institution to ensure timely compliance with the tax audits requirements to avoid penalties or legal issues.
To visit: https://www.mca.gov.in/
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