tax audit of trust claming exmption u/s 12a
This query is : Resolved
12 July 2010
if a trusts income is exmpt in income tax .but turnover of the said trust is crossed tax audit limit than what will happen i mean trusts tax audit liability is created or not.
12 July 2010
My Dear Suman
If the INCOME of the Trust is exempt u/s 10 than it has nothing to do with the turnover u/s 44AB. As in the case of Trust it is the application of Income which is the deciding factor for tax liability.
If the INCOME of the Trust is exempt u/s 10 than it has nothing to do with the turnover u/s 44AB. As in the case of Trust it is the application of Income which is the deciding factor for tax liability.
12 July 2010
if trusts income is exempt u/s 12A than whether tax audit under 44 AB is Applicable or not.
12 July 2010
Dear Suman!
Kindly refer CIT vs India Magnu Fun(2002) 81 ITD 295 Mum.
It says that if the Income is exempt u/s10 to 13A then audit u/s44AB is not applicable. If however the Income is chargable to tax than audit u/s44AB is applicable.
So please check the exemption staus of Trust once agin and enjoy the tax audit....fees by giving parties!
Kindly refer CIT vs India Magnu Fun(2002) 81 ITD 295 Mum.
It says that if the Income is exempt u/s10 to 13A then audit u/s44AB is not applicable. If however the Income is chargable to tax than audit u/s44AB is applicable.
So please check the exemption staus of Trust once agin and enjoy the tax audit....fees by giving parties!
29 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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Capital gain consideration
- TDS deduction (debit notes)
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
