Tax Audit
This query is : Resolved
28 July 2010
the assessee is an educational institute having educational fees received above 40 lacs. will tax audit be applicable.
assessee is having no other income. a trust is running the educational institute
assessee is having no other income. a trust is running the educational institute
28 July 2010
basically this would be exempt from tax u/s 11 if the trust gets registered for income tax benefit
otherwise it would be liable for tax audit
otherwise it would be liable for tax audit
28 July 2010
Fact of the case
Trust income more than 40 lakh
Provisions in Income tax
If a trust created for Charitable or religious purpose and eligible for exemption U/S 10(11), then no tax, no audit requirement u/s 44 AB...
Conclusion
Taxaility depends upon the purpose of the trust
Trust income more than 40 lakh
Provisions in Income tax
If a trust created for Charitable or religious purpose and eligible for exemption U/S 10(11), then no tax, no audit requirement u/s 44 AB...
Conclusion
Taxaility depends upon the purpose of the trust
28 July 2010
Tax audit u/s 44AB is not applicable for trusts.
However, if the income of trust (before claiming deduction u/s 11 & 12) exceeds amount not chargeable to tax for the previous year (i.e Rs. 1.6 lac), the trust should get it accounts audited u/s 12A(1)(b) and audit report should be furnished in Form 10B.
However, if the income of trust (before claiming deduction u/s 11 & 12) exceeds amount not chargeable to tax for the previous year (i.e Rs. 1.6 lac), the trust should get it accounts audited u/s 12A(1)(b) and audit report should be furnished in Form 10B.
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