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Audit of Charitable Trust.

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14 February 2011 1. do a charitable trust having gross receipts of Rs. 50000 during the F.Y 2009-10 required to have their accounts audited for filing their returns. If yes what is the prescribed form / format for such audit report.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
14 February 2011 Audit under the Income tax Act is mandatory if the total income of the trust as computed under the said act before claiming exemption
u/s 11 and 12 exceeds the maximum amount which is not chargeable to income tax.

Form of audit report under the said act is 10B of the Income tax Rules,1962.
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