Journal Press India^®

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Education plays a vital role in a person’s life. To get a quality education that ensures greater success and opportunity, India has enormous number of educational institutions. In India, imparting education is a charity to society and cannot be claimed as a profit-making business or entity. Thus, it is required that educational institution must be registered as a Trust under the Income Tax Act, 1961. They face a lot of problems in filing their return and in preparation for IT return. An educational institution purchases any item such as furniture’s or other accessories related to an educational institution which invites GST on it and thus it is another burden on the educational institution as the educational institution does not get input credit on tax. Therefore it also affects the small educational institution.

Keywords

Income tax; IT return; Annual receipt; GST; Educational institution; Registration; Trust; Society.

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