Applicability of form 10b for religious trust
Niranjan Paranjape (niranjan) (28 Points)
30 August 2016Niranjan Paranjape (niranjan) (28 Points)
30 August 2016
saurabh kumar
(Tax Consultant)
(348 Points)
Replied 30 August 2016
If Income of a Charitable/Religious trust/Institution without giving effect of provisions of sec 11 and 12 exceeds basic exemption limit(Rs.250000) for A.Y. 2016-17 Accounts are required to be Audited and report to be submitted in the form of 10 B.(u/s 12 A(b)).
Niranjan Paranjape
(niranjan)
(28 Points)
Replied 30 August 2016
Sir, can you please explain how Rs.50000/- ?, as section 12A(b) speaks that only the trusts exceding basic exemption limits are subject to Audit, hence subject to Form 10B.
saurabh kumar
(Tax Consultant)
(348 Points)
Replied 30 August 2016
Yes,You are right and Thanks for giving me a correction.
TANZEEM AHMAD
(PROFESSIONAL)
(25 Points)
Replied 01 July 2018
AIDIT LIMIT UNDER SECTION 12A(b) Rs.250000/- OR 50000/- FOR THE A. Y. 2017-2018 ? CAN YOU CLEARIFY