28 February 2013
A public Charitable Trust has a total receipts of 2 Crores but total income of 1.2 lakhs after claiming exemption under sec 10(23)C. Is the trust liable for Audit under any of the provisions of the Income Tax Act.
01 March 2013
If Trusts Income as computed under the Income Tax Act,1961 before allowing any exemption exceeds basic exemption limit( of individual), than accounts of trust for that year needs to be audited.
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