Upgrade and Save: Get 10% OFF on CAclubindia Pro Subscription! Use Code: SAVE10 Subscribe Now!

Is audit of charitable trust compulsory?

yashsr (CA) (2285 Points)

30 July 2012

Hello,

Is audit of every Charitable Trust Compulsory? Or is there some exception in this regard?

Reply
Follow
Share

5 Replies

CA Sankalp Patwa (CA) (193 Points)
Replied 30 July 2012

Please clarify your query

are you talking about tax audit or any other one.

Upgrade to CAclubindia Pro. Subscribe Now!

yashsr (CA) (2285 Points)
Replied 30 July 2012

Statutory Audit under Bombay Public Trusts Act 1950

CA Sankalp Patwa (CA) (193 Points)
Replied 30 July 2012

refer link

https://wirc-icai.org/wirc_referencer/Other%20Law/Bombay%20public%20trust.htm

Trust having an annual income of Rs. 15000 or less is exempt from audit. Trust exempted from audit is required to file affidavit as to the extent of their income and also has to file accounts in Schedules IX-A and IX-B within 3 months of the completion of the accounting year.

1 Like

yashsr (CA) (2285 Points)
Replied 30 July 2012

Thanks! Instead of not auditing and filing those affidavits and other annexures, is there a chance we can also audit them and follow the routine procedure even though the income is NIL or negative?