01 September 2014
SIR, A TRUST WHICH IS REGISTERED U/S 12(A) OF THE ACT IS RUNNING A SCHOOL. IT HAS RECEIVED STUDENT FEES, VOLUNTARY CONTRIBUTION AND DONATIONS OF RS.1.25 CRORE SIR IS IT LIABLE TO GET ITS ACCOUNTS AUDITED U/S 44AB OF INCOME TAX ACT? SIR PLEASE GUIDE ME WITH REGARDS PANKAJ SRIVASTAVA
01 September 2014
dear sir, the trust is not required to get audit u/s 44 AB, rather audit report u/s 10 B along with annex is required. the logic is that trust is not supposed to carry on business .
CAclubindia
