25 January 2014
(i) What is the legal status of a school/college that runs under the aegis of a trust and whose separate balance sheet were prepared??
(ii) And also in some cases trust is not having any receipt but school is having it above the limit of sec.44AB; so whether tax audit applicable?? if yes then to whom?? kindly give the reference.
25 January 2014
i) School / Colleges are educational institutes and they come under the Category of Trust for which Sec 11 12 & 13 apply u can read those sections for better understanding
ii) Please note that Sec 44AB is not applicable to Trust.. If Trust income exceeds Basic Exemption Limit i.e. slab rate of Individual they compulsorily get there accounts audited from A C.A.
CAclubindia
