When 10b report is applicable to trust??
Querist : Anonymous
My friend is running an NGO, whose gross receipts for FY 13-14 was 9.80 lacs.
His trust is registered under 12A & 80G.
Whether it is required to get 10B Audit report?
what is the due date of filing the trust return in this case??
Thanks in advnace.
audit report to be furnished in form 10 b
last date is 30 sep and form is ITR -7
Querist : Anonymous
Sir, I have seen many CA firms are issuing 10B report even if the total income is around say 1 Lakh .
In may case total donations received is Rs. 5,50,000/- and expenditure incurred towards object is Rs. 515000/-. Net Surplus is Rs. 35000/-.
If we calculate as per section 11& 12 than,
Donation received RS. 550000/-
Less: Standard deductions Rs. 82500/-
( 15%)
Net amount Rs.467500/-
Less:
Exps.incurred towards objectRS.Rs. 515000/-
Net taxable income(Loss) ( Rs. 47500/-)
Please comment
Thanks
BUT , PLS KEEP IN MIND , THAT MEMORANDUM N ARTICLE OF ASSOCIATION OF NGO , WHEATHER REGISTERED AS TRUST OR SOCIETY MANDATES COMPULSORY AUDIT BY CHARTERED ACCOUNTANT
Expenditure for Objects is 1 Lakh
Hence Total Income without considering section 11&12 is 2 Lakhs
is Audit Required in this case?
whether we will check the Gross Receipts of 3 lakhs or Net Surplus of 2 Lakhs for Audit Applicability ?
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