Applicability of Audit of Trust
This query is : Resolved
01 June 2016
A charitable trust registered under 12 A recd corpus donation of Rs 300000/- and interest income Rs 34000/- filed ITR-7 without accounts being audited.
Now a notice for defective return 139(9) is recd under error code 57 stating income exceed 2 lac and audit is compulsory.
Pls suggest what to do and whether audit required or not.
01 June 2016
Yes audit is required rectify the defect by filing audit report.
01 June 2016
Thanks sir
07 June 2016
As per section 12A it is mandatory to get the accounts audited. As per section 139(4A) it is mandatory to file the return of the income if the gross income Exceeds maximum amount which is not chargable to tax(without) giving effect of Sec-11 & Sec-12. In the above case as the total receipts exceeds two lakhs than you have to get the accounts audited and filed with ITR.
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