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Audit of trusts

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(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.
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CA Mahavir Shah

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CA Mahavir Shah (Expert)
28 February 2013 Yes trust is liable for Audit.
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Ashish Bubna

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Ashish Bubna (Querist)
28 February 2013 Sir, Can you please assist under which section & Why??
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CA Mahavir Shah

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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.
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Ashish Bubna

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Ashish Bubna (Querist)
01 March 2013 Thanks a lot Sir....
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