Tax audit applicability
This query is : Resolved
04 November 2007
do a charitable trust running a school having a turnover of 40 laks + , will tax audit be applicable to them ( sec 44AB). the turnover of the trust is 6120000
04 November 2007
Yes.It will cover under tax audit provision.Pl.see the expert advisory committee opinion-volume V-page56/57-query 2.1.
As stated in that,sec 44AB prescribed for person.Hence charitable institution also cover under Sec 44AB
But recent provision says that if gross receipt of the trust is not exceed rs 1.00 crore it need not file the return.So we have to see this matter also.If it need not file the return,Sec 44AB may not be applicable
As stated in that,sec 44AB prescribed for person.Hence charitable institution also cover under Sec 44AB
But recent provision says that if gross receipt of the trust is not exceed rs 1.00 crore it need not file the return.So we have to see this matter also.If it need not file the return,Sec 44AB may not be applicable
04 November 2007
Please specify the exact turnover which will enable us to comment. If it is > Rs, 1 cr. then Section 44 AB will be applicable.
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