Akash (proprietor) (82 Points)
24 September 2022Dear Sir/Madam,
I just want to confirm what is the threshold of income tax audit for a charitable Society and Trust?
I mean if an NGO is having a donation of 8-10 Lack only in a year. Would they be required to go for Income tax audit? or can they just file their ITR-5 ? Pls confirm?
Thanks in Advance
Manish
(CA)
(1172 Points)
Replied 24 September 2022
If the trust/society is registered for income tax exemption then the audit is required because income is above 2.5 lac.
Akash
(proprietor)
(82 Points)
Replied 24 September 2022
Dear Sir,
What's the meaning of Income here?
I mean is the total amount received is income or the surplus income left in the 'receipt & payments a/c' is income?
Pls clarify sir.
Thanks in advance.
CAclubindia
