Guyzz
I had recently had done audit of and trust
its total receipt is 80 lacs
and expenditure is less than 85%
tax is using receipts purely for charitable purposes
so whether Tax audit would be applicable
VISHESH (bcom) (42 Points)
22 September 2010Guyzz
I had recently had done audit of and trust
its total receipt is 80 lacs
and expenditure is less than 85%
tax is using receipts purely for charitable purposes
so whether Tax audit would be applicable
kumarsatish022
(Professional)
(165 Points)
Replied 22 September 2010
As in current year reciepts are more than 60 lacs , so tax audit is mandatory in your case
Kamal Jain
(FCA)
(200 Points)
Replied 23 September 2010
What is the nature of recipts?
Is the trust doing any business? or Profession!!!
Kamal Jain
(FCA)
(200 Points)
Replied 23 September 2010
Tax Audit is applicable only when income is taxable under the head Income and Gains from Business of Profession
Ajay Garg
(CA FINAL)
(101 Points)
Replied 24 September 2010
IF TRUST IS NOT REGISTERED U/S 12, THAN EXEMPTION CAN'T BE CLAIMED BY TRUST.
Purushottam
(CA Final)
(85 Points)
Replied 22 December 2010
If trust carries the business & it is also chargeable under the head Business & Profession then it will be lible for tax audit otherwise not.
sainath
(student)
(43 Points)
Replied 22 December 2010
In case of trust it is a special case. Therefore we have to give tax audit report in the Form 10b