Applicability of tax audit for trust
This query is : Resolved
Querist : Anonymous
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?
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
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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