Audit of trusts
This query is : Resolved
28 February 2013
A public Charitable Trust has a total receipts of 2 Crores but total income of 1.2 lakhs after claiming exemption under sec 10(23)C. Is the trust liable for Audit under any of the provisions of the Income Tax Act.
28 February 2013
Yes trust is liable for Audit.
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28 February 2013
Sir, Can you please assist under which section & Why??
01 March 2013
If Trusts Income as computed under the Income Tax Act,1961 before allowing any exemption exceeds basic exemption limit( of individual), than accounts of trust for that year needs to be audited.
You can refer Sec12A(b)of Income Tax Act,1961.
You can refer Sec12A(b)of Income Tax Act,1961.
01 March 2013
Thanks a lot Sir....
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