Threshold Limit of Balance Sheet for School
The threshold limit for balance sheet for School and reporting varies for different types of educational institutions in India.
Educational institutions are generally exempted from filing income tax returns if their total income falls below a certain threshold.
Please note that tax laws and regulations may have changed since then, so it’s important to consult the latest tax guidelines or seek professional advice for the most accurate and up-to-date information.
◘ Educational Institutions’ Threshold Limit:
For schools, colleges, universities, and professional schools in India, if their total income is below the prescribed threshold limit, they are usually exempt from filing income tax returns.
This exemption is provided under section 10(23C) of the Income Tax Act.
◘ Applicability of 10(23C):
10(23C) An educational institution existing solely for educational purposes and not for purposes of profit whose aggregate annual receipts did not exceed 1 crore was exempt.
◘ Conditions and Compliance:
It’s important for these educational institutions to maintain proper records of their income, expenses, and activities.
Even if they are exempt from filing income tax returns, they should ensure they are complying with the requirements of section 10(23C) and other relevant tax laws.
Please note that tax laws can change, and exemptions might vary based on the institution’s specific circumstances and the latest tax regulations.
To visit: https://www.incometax.gov.in
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