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Audit in 10B
we have an NGO registeted under 80G. Previous year we filled Income Tax return and audit in 10 B. In previous year we made surplus above basic exemption limit and took deduction u/s 11 . Now this year we have deficit. Now what is right to do audit in 10 B for which last date is 31st sep, or we have to file normal income tax return for which last date is 31st July.
Replies (1)
If the Gross Total Income of the trust ( Including Corpus Donations ) before claiming exemptin u/s 11 and 12 exceeds 2,50,000 ( A.Y 2018-19) then the accounts of the trust are subject to audit and the trust should submit Form 10 B.
In case of loss, accounts of trust are not required to audit.
In case of loss, accounts of trust are not required to audit.
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