02 October 2014
whether an trust registered under 12A, running school and college having the gross receipts above Rs.1 crore would be required to have its books of accounts audited under Section 44AB(Tax Audit) of IT Act. Whether the activity of running school would be covered under the meaning of business ?
04 October 2014
Nikhil sir, is Form10BB should also be furnished if the Trust's (fees or other) receipts exceeds Rs.1 Crore? The Extended return filing date of 30-11-2014 will be applicable for Trust Audit also or not? Please clarify me.
04 October 2014
Form 10BB is applicable only if the organization is covered under 10(23(c).
for entities covered under 10(23)(c)(iiiad),once the turnover exceeds the limit prescribed, such entity wont be covered under 10(23)(c) anymore and section 11/12 shall apply.
Further, with regards to the due date, the notification issued on 26/09/2014, it was clarified that extension was only for entities covered under 44AB audit.
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