06 July 2020
Dear Experts, Do a Gaushala (Registered under Societies act) in Uttar Pradesh is required to undergo an audit. What is the threshold of audit for a society. Is there any special exemption for Gaushala (Cowshed) related society.
09 August 2020
Tax audit is compulsory if turnover of society (engaged in business) is more than ` 1 crore (w.e.f. A.Y. 2013-14) [` 60 lakhs for A.Ys. 2011-12 & 2012-13]. Tax Audit provisions is generally not applicable to societies which do not carry on any business. For example, housing societies in years of construction of building premises and redevelopments of their properties, provisions of section 44AB would not apply as there is no business activity.
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