Audit requirement
This query is : Resolved
03 December 2013
Annual Receipt of a Trust running a Hospital is Rs.2 crore and Its income is Rs.1.1 lakh, so It is not required to file return by virtue of Sec. 139(4C) Now My que. is whether it is required to Audit its account?
What would be.case if the said entity is not a Trust?
Plz provide me a Solution....
03 December 2013
- answer 1 :
if a trust is registered u/s 12A then 2 cumulative criteria to be checked.
(1) audit of books of account : if income + corpus donation > basic exemption limit (at present Rs.200000)
and
(2) at least 85% of income (excluding corpus donation) is applied towards approved objects of trust.
else trust is not required to get its books of account audited.
- answer 2 :
if it is not trust then turnover of Rs. 2 cr is more than sufficient to hit Sec.44AB
if a trust is registered u/s 12A then 2 cumulative criteria to be checked.
(1) audit of books of account : if income + corpus donation > basic exemption limit (at present Rs.200000)
and
(2) at least 85% of income (excluding corpus donation) is applied towards approved objects of trust.
else trust is not required to get its books of account audited.
- answer 2 :
if it is not trust then turnover of Rs. 2 cr is more than sufficient to hit Sec.44AB
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