close x
Home > Experts > Income Tax > Audit of Trust

Please Wait ..

to your account


Remember Me | Forgot your password?


Sign-up now

Join and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.

Alternatively, you can log in using:

Audit of Trust (Income Tax)

Report Abuse
This query is : Resolved

( Querist )
10 July 2010

What is the turnover limit for the audit of trust? or audit of trust is compulsory?

CA CS Prakash Somani (A helpin

( Expert )
11 July 2010

If income is exempt u/s 10 to 13A then audit u/s 44AB is not required - CIT vs India Magnum Fund (2002) but if income is chargeable to tax then audit u/s 44AB will be applicable if turnover > 40 lakhs or gross receipt > 10 lakhs in previous year.
Recent amendments: From AY 2008-09 “ advancement of any other object of general public utility” shall not be treated as charitable purpose if it involves the carrying on of any activity in the nature of trade, commerce or business or any activity of rendering any service in relation to trade, commerce or business… Now section 44AB is applicable if person carrying business or and profession or person carrying under 44AD, 44AE, 44AF, 44BB, 44BBB.

Now as per recent amendment I believe the audit of charitable trust should not come under the purview of section 44AB.



You need to be the querist or approved CAclub expert to take part in this query .

Click here to login ( Members Login ) now

Similar Resolved Queries :


Quick Links

back to the top