Audit of trusts
This query is : Resolved
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.
28 February 2013
Yes trust is liable for Audit.
Message likes :
1 times
28 February 2013
Sir, Can you please assist under which section & Why??
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.
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- STCG FOR GOLD ETFs
- Long Term Service award taxability in hands of company
- Free lancer income
- REGARDING GST LIABILITY/....
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
