Tax audit of ngo u/s 44 ab whether compulsory or not?

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Querist : Anonymous

Querist : Anonymous (Querist)

08 September 2013 NGO registered u/s Section 12AA , tax audit Report u/s 44ab is compulsory if the grant received by the NGO exceeds Rs. 1 Crore?

ramprasad

ramprasad (Expert)
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08 September 2013 The One Crore limit you referred, applicable to the person carrying on business. NGO which got registration under 12AA is required to get books audited if the gross receipts exceed the maximum exemption not liable for tax ( Rs. 2,00,000) before claiming exemption under section 11 and 12.

Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2013 Income or Gross receipts....? can we consider the grant as receipts...? plz guide.

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ramprasad

ramprasad (Expert)
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11 September 2013 for audit purpose both capital and revenue grant should be considered.