12A

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kiran

kiran (Querist)
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01 February 2011 what is 12A? What are major issues covered in registration of 12A

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 February 2011 12A is a Section of Income Tax Act, 1961 which deals with the "major issues" related
with the application for registration of a trust in Form No 10A, so as to enable a trust for getting exemption of income U/s 11 & 12.

Section 12A also prescribs requirement of audit of accounts of trust if its income exceeds the taxable limit (without taking into a/c the exemption U/s 11 and 12).

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