Audit report u/s 12a
This query is : Resolved
04 January 2013
Sir,
What is the Relevent of 15% and 25% in case of Audit of Trust
What is the Relevent of 15% and 25% in case of Audit of Trust
06 January 2013
15% is used in reference to the part of the income derived from the trust property which can be accumulated or set apart. 85% of such income has to be applied for the purpose or objectives of the trust
.
Prior to 1-4-2003, up to 25% of income could be accumulated and 75% of the Income was required to be applied.
.
So you can say what was 25% prior to 1-4-2003 is 15% now.
.
As I think, this confusion has arisen while reading the old cases.
.
Prior to 1-4-2003, up to 25% of income could be accumulated and 75% of the Income was required to be applied.
.
So you can say what was 25% prior to 1-4-2003 is 15% now.
.
As I think, this confusion has arisen while reading the old cases.
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