Audit of Charitable Trust
This query is : Resolved
rupali patil
(Querist)
09 February 2009
For A.Y. 2009-10 what is the limit for Audit of Charitable Trust? Is it income Exceeding Rs.1,50,000/-.
CA. B.SRINIVASULU
(Expert)
09 February 2009
Wheter it is a registered trust under income tax act or unregistered trust. If it is unregisterd trust it will be treated on par with aop and basic exemption of Rs.150000 will be exempt. If it is a registered public trust where exemption is there then you can cliam exempiton as per taxation of charitable institutions.
09 February 2009
Where the total income of the trust as computed under the IT Act,1961, before exemption u/s 11 & 12 exceeds Rs 1,50,000/- the accounts of the trust for that year are to be audited and audit report in form 10B is to be filed with the return of income. Ref:- section 12A(b) of The income Tax Act,1961.
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