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Question Regarding to ITR OF School
1) which form will applicable whether ITR 7 or ITR5
2. Gross Receipt not exceed 1 crore whether tax audit applicable or not
3) is tax audit applicable if school want to show income exceed 250000/-
4) whether income will exempt or not if show income 250000/-
5) as per client confirmation school does not have registration us 10(23), whether I field itr 7 or ITR 5
6) IF Answer is ITR 7, under which head, PGBP or other source

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1. ITR-7

2. Tax audit not required if you claim exemption under section 10(23C)(iiiad)

3. If you claim exemption under section 10(23C)(iiiad) than it doesn’t matter to show income is below 250000 or above 250000

4. Totally exempt

5. Registration required when gross receipts exceeds 5 cr (FY 2020-21) earlier it was 1 cr

6. In ITR 7 there is an one column in which asked what’s the gross receipts

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