Income Tax planning for school

Income Tax planning for school

A.     Government Educational Institutions: 

Income received by any university or educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government is fully exempt from tax vide Section 10(23C)(iiiab). Hence, a Government educational institution is fully exempt from income tax without any separate approvals etc. as long as it is not for profit purpose.

B.      Non-government Educational Institutions: 

The exemption for non-government (private) educational institutions depends upon the aggregate annual receipts of the university / educational institution.

1)      Educational Institutions with annual receipts up to Rs. 1 crore:

 Relief in Payment of Interest to Normal Taxpayers filing Form GSTR-3B for tax period Feb 20 to June 20 :

a. Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY

Tax period	Due Date	No interest payable till	Interest payable @ 9% from & till	Interest payable @ 18% from
Feb, 2020	20th March, 2020	4th April, 2020	5th April to 24th June, 2020	25th June, 2020
March, 2020	20th April, 2020	5th May, 2020	6th May to 24th June, 2020	25th June, 2020
April, 2020	20th May, 2020	4th June, 2020	5th June to 24th June, 2020	25th June, 2020
May, 2020	27th June, 2020 (extended date for filing)	27th June, 2020	--	28th June, 2020

b. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)

Relief in late fee to Taxpayers filing Form GSTR-3B

Relief in late fee to Taxpayers filing Form GSTR-3B

Government has extended dates for GST filings as notified vide Not. No. 52/2020 dt 24.06.2020 and No. No 57/2020-CT dated 30.06.2020.

1.    Late Fee Relief to Normal Taxpayers filing Form GSTR-3B:

A.   Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY

Tax period	Late fees waived if return filed on or before
February	24th June
March	24th June
April	24th June

B       Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY

                     

Tax period	Late fees waived if return filed on or before (For Group A States)*	Late fees waived if return filed on or before (For Group B States)*
February	30th June	30th June