Audit of Charitable Trust - Total Income Calculation
This query is : Open
17 May 2021
Audit of Trust is required if total income without effect to section 11 & 12 exceeds 2.5 lakhs as per current slab rate.
how this total income needs to computed, I mean what all to be included in income and what all expenses are allowed to be deducted?
how this total income needs to computed, I mean what all to be included in income and what all expenses are allowed to be deducted?
17 May 2021
All receipts to be considered as income including donation.
Only application of income for the object's of the trust under section 11 and 12 eligible for deduction.
Only application of income for the object's of the trust under section 11 and 12 eligible for deduction.
17 May 2021
does receipts includes corpus donations as well? and admin/professional fees/operational expenses etc. also deductible?
in a way surplus from I&E account to be checked if its above or below 2.5 lakhs?
in a way surplus from I&E account to be checked if its above or below 2.5 lakhs?
17 May 2021
Gross Receipts does not include Corpus donations if specific direction in writing is obtained by the Donner.Expenses on the objects of the trust includes Admin Exp. Fees, and Office Exp.
17 May 2021
@CA Satish Badve, thanks but my query is w.r.t. Total income to be computed for ITR and Audit purpose as per which Total Income needs to be computed without using section 11 and 12.
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