About audit form 10b

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GIRISH SUDHAKAR PARWATKAR (Querist)
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16 October 2013 FOR THE TRUST AUDIT PURPOSE
Books are audited (vide form 10B) if income (including corpus donations) exceeds Rs. 1,80,000
before claiming section 11 & 12 exemptions.

THE QUESTION IS THAT, HERE THE INCOME WORD MENTIONED ABOVE IS, THE NET TAXABLE INCOME OR THE GROSS TOTAL RECEIPTS? PLEASE GIVE ANSWER FOR THIS.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 October 2013 i) It is not Rs.1,80,000/-. the wordings used is 'maximum amount which is not chargeable to tax', which means for the asst yr 2013-14 it is Rs.2,00,000/-

ii) It is the 'taxable income' without giving effect to section 11 and 12. Please see section 12A(1)(b).

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