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I-T reading pvt colleges' books
July, 26th 2007
Educational institutes having exorbitant fee structures have caught the attention of taxmen.

The income-tax department has decided to scrutinise cases of all private educational institutions, schools and universities that have annual gross receipts of more than Rs 10 crore in big cities and more than Rs 5 crore in small cities.

The receipts would also include donations received by the institutions.

A large number of private schools, both pre-primary and higher education institutes, mushroomed in the country in last few years. Most of the centres claiming tieups with foreign institutes have outrageous fee tags even in the pre-primary segment.

In fact, some of the institutions have a tendency to take part-payment of admission charges in cash.
The intelligence wing of the department recently collected information like fee structures and number of students about select private institutes in a few cities. The data collected will be passed on to field formations who could use it in their assessments and to keep a tab on evasion, a department source said.

The income-tax department is also planning to closely scrutinise the returns of institutes that have annual receipts of more than Rs 10 crore in cities like Delhi, Mumbai Chennai, Kolkata, Pune, Hyderabad, Bangalore and Ahmedabad and Rs 5 crore in other cities.

The department has turned its focus towards non-traditional sectors that have seen a rapid rise in the last few years. Sources said the education sector could be one such area that could be tracked for potential tax evasion. Increased scrutiny of returns is part of the exercise as it helps the department detect concealed income in a non-invasive way.
 
 
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