Accounting Services for Schools and Colleges - Specialist CA Support for Education Institutions
📌 TL;DR - Education Accounting Services at a Glance
Educational institutions in India operate under a fundamentally different financial framework - requiring Income and Expenditure Accounts (not P&L), fund-based Balance Sheets per ICAI Guidance Notes, Section 10(23C) income tax exemption management with the 85% application rule, precise GST classification of exempt vs. taxable services, and Section 12AB registration compliance. Patron Accounting delivers specialist education accounting starting from INR 4,499 per month with 200+ education clients served and zero exemption losses.
Schools, colleges, and educational trusts face compliance requirements that a general accountant cannot adequately handle. The mandatory financial statements are an Income and Expenditure Account, Receipts and Payments Account, and a fund-based Balance Sheet as prescribed by the ICAI Guidance Note on Accounting by Schools and the ICAI Guidance Note on Financial Statements of Non-Corporate Entities (2023, effective FY 2024-25). Income tax exemption under Section 10(23C) must be actively managed with at least 85% of income applied to educational purposes every year.
GST compliance requires precise classification: core education is EXEMPT per Notification No. 12/2017-Central Tax (Rate), while hostel income at colleges attracts 18%, canteen services 18%, affiliation fees paid to universities 18% (per 54th GST Council clarification, September 2024), and coaching services 18%. From AY 2021-22, Section 12AB registration replaced 12AA for all charitable and educational trusts. Patron Accounting brings sector-specific expertise to every one of these requirements.
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