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
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Tax Audit for Trusts
Replies (6)
As in current year reciepts are more than 60 lacs , so tax audit is mandatory in your case
What is the nature of recipts?
Is the trust doing any business? or Profession!!!
Tax Audit is applicable only when income is taxable under the head Income and Gains from Business of Profession
IF TRUST IS NOT REGISTERED U/S 12, THAN EXEMPTION CAN'T BE CLAIMED BY TRUST.
If trust carries the business & it is also chargeable under the head Business & Profession then it will be lible for tax audit otherwise not.
In case of trust it is a special case. Therefore we have to give tax audit report in the Form 10b
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