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Applicability of tax audit for trust

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 May 2013 Section 44AB of the Income Tax Act, 1961 talks about Audit of person engaged in business or profession. Does it covers a Trust running School and having School fees above Rs. 1 Crore?
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CA Vikas Acharya

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CA Vikas Acharya (Expert)
03 May 2013 normally these kind of trust take the exemption of section 11 and 12.
conditions for getting exemption is written u/s 12A.
and one condition is audit is must by CA if receipts exceed 200000.
otherwise no exemption at all.
so instead of 44ab, 12a will be applicable
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