Audit u/s 44ab

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

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

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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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 .