Audit of trusts
This query is : Resolved
Ashish Bubna
(Querist)
28 February 2013
A public Charitable Trust has a total receipts of 2 Crores but total income of 1.2 lakhs after claiming exemption under sec 10(23)C. Is the trust liable for Audit under any of the provisions of the Income Tax Act.
CA Mahavir Shah
(Expert)
28 February 2013
Yes trust is liable for Audit.
Message likes :
1 times
Ashish Bubna
(Querist)
28 February 2013
Sir, Can you please assist under which section & Why??
CA Mahavir Shah
(Expert)
01 March 2013
If Trusts Income as computed under the Income Tax Act,1961 before allowing any exemption exceeds basic exemption limit( of individual), than accounts of trust for that year needs to be audited.
You can refer Sec12A(b)of Income Tax Act,1961.
You can refer Sec12A(b)of Income Tax Act,1961.
Ashish Bubna
(Querist)
01 March 2013
Thanks a lot Sir....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
