Audit of Charitable Trust

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rupali patil (Querist)
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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

CA. B.SRINIVASULU (Expert)
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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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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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