Audit of Charitable Trust - Total Income Calculation
This query is : Open
17 May 2021
Audit of Trust is required if total income without effect to section 11 & 12 exceeds 2.5 lakhs as per current slab rate.
how this total income needs to computed, I mean what all to be included in income and what all expenses are allowed to be deducted?
how this total income needs to computed, I mean what all to be included in income and what all expenses are allowed to be deducted?
17 May 2021
All receipts to be considered as income including donation.
Only application of income for the object's of the trust under section 11 and 12 eligible for deduction.
Only application of income for the object's of the trust under section 11 and 12 eligible for deduction.
17 May 2021
does receipts includes corpus donations as well? and admin/professional fees/operational expenses etc. also deductible?
in a way surplus from I&E account to be checked if its above or below 2.5 lakhs?
in a way surplus from I&E account to be checked if its above or below 2.5 lakhs?
17 May 2021
Gross Receipts does not include Corpus donations if specific direction in writing is obtained by the Donner.Expenses on the objects of the trust includes Admin Exp. Fees, and Office Exp.
17 May 2021
@CA Satish Badve, thanks but my query is w.r.t. Total income to be computed for ITR and Audit purpose as per which Total Income needs to be computed without using section 11 and 12.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
