When is a religious trust liable for audit under Income Tax Act
2 Replies
Shweta Bansal
(CA)
(175 Points)
Replied 06 January 2011
A trust is treated as an individual so tax slabs are applicable.
A religious trust is liable for audit under Income Tax Act when its total income exceeds the minimum income chargeable to tax...
Hope this helps..............:)
Batul
(Article assistant)
(207 Points)
Replied 14 January 2011
The accounts of the trust should be audited (Form No 10B) for such accounting year in which its income without giving effect to the provisions of section 11 and 12 exceeds the exemption limit.
(It was Rs 50000 for the A.Y. 1995-96 to 20055-06 and Rs 25000 upto the A.Y. 1994-95.
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