dear sirs
we are running a charitable trust . we have doing a business in the name of charitable trust and sales tax return also filed. the income from business is used for charitable purpose . the business has gross turnover of Rs.1.4 crore and net profit of 80000. is the business is liable for tax audit? which itr to be filled ? ITR 7 or ITR 4? audit report under section 44 ab and 10 b is required ? in computation how gross receipts of the trust to be shown? gross income of the trust & profit of the business to be shown in gross income ? please help me its very urgent
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Charitable trust having a business
Replies (1)
1.Since Grosss turnover of charitable trust exceeds Rs 1 crore,trust is liable to tax audit u/s 44AB.
2.ITR is to be filed in form ITR-7.
3.For availing exemption u/s 11 and 12 under income tax act,Charitable trust is required to get its accounts audited by CA if total income before exemption exceeds Rs 2,50,000.
4.Since Tax audit is applicable and for availing exemption CA Audit is required,Form 3CD and Form 10b is required.
Other members correct me if I m wrong
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