Audit u/s 44ab

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2014 SIR,
A TRUST RECEIVES VOLUNTARY CONTRIBUTION EXCEEDING RS. 1.00 CRORE
SIR,SEC 44AB IS APPLICABLE FOR A PERSON CARRYING ON BUSINESS OR PROFESSION
IS IT LIABLE TO GET ITS ACCOUNTS AUDITED U/S 44AB OF THE ACT ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 January 2014 no...the trusts (assuming it is a charitable trust are audited under section 12A(b)

Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2014 SIR,BUT THE INCOME TAX OFFICE REFUSED TO ACCEPT THE I.T.R STATING THAT THE GROSS RECEIPT IS MORE THAN RS. 1.00 CRORE, IT MUST BE GET AUDITED U/S 44AB OF THE INCOME TAX ACT

Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2014 SIR,BUT THE INCOME TAX OFFICE REFUSED TO ACCEPT THE I.T.R STATING THAT THE GROSS RECEIPT IS MORE THAN RS. 1.00 CRORE, IT MUST BE GET AUDITED U/S 44AB OF THE INCOME TAX ACT

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 January 2014 which ITR did the trust file?

Querist : Anonymous

Querist : Anonymous (Querist)

20 January 2014 SIR, OF COURSE ITR 7

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 January 2014 well 44AB is not applicable here...however, if you have business income in the trust, it could have been a different case...you need to submit the tax audit report under 12B.

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