Audit of trust

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Querist : Anonymous

Querist : Anonymous (Querist)

05 June 2016 A family trust running a business of labour supply. What are the requirements in regarding audit and ITR

Amol S Joglekar

Amol S Joglekar (Expert)
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05 June 2016 Audit is to be done by a CA . The income is taxable at maximum marginal rate (At present 30%)

Querist : Anonymous

Querist : Anonymous (Querist)

05 June 2016 ITR 5 aur 7 and whether tax audit required as Turn over is 90Lacs
Kindly explin under which section return to be filed

Amol S Joglekar

Amol S Joglekar (Expert)
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06 June 2016 Audit is required under Trust Act.
Tax audit is NOT required as the turnover is below the prescribed limit
ITR 7.....section 139(4E)
http://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

Querist : Anonymous

Querist : Anonymous (Querist)

06 June 2016 Whether I can show income below 8%

Amol S Joglekar

Amol S Joglekar (Expert)
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06 June 2016 you can show the true and fair income......there is no any question of SHOWING income. Find out the income as per the prudent norms and accordingly file the return