Applicability of tax audit for trust

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2013 Section 44AB of the Income Tax Act, 1961 talks about Audit of person engaged in business or profession. Does it covers a Trust running School and having School fees above Rs. 1 Crore?

CA Vikas Acharya

CA Vikas Acharya (Expert)
Follow

03 May 2013 normally these kind of trust take the exemption of section 11 and 12.
conditions for getting exemption is written u/s 12A.
and one condition is audit is must by CA if receipts exceed 200000.
otherwise no exemption at all.
so instead of 44ab, 12a will be applicable