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Charitable Trust

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(Querist)
14 September 2020 A charitable Trust recently registered u/s 12AA and for exemption u/s 80 G , during the financial year 2019-20, it has received donation of Rs 5000/- and spent for charitable purpose more than donation received, is it necessary to file Audit report for the claim of exempted income
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PARAS CHHAJED

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PARAS CHHAJED (Expert)
15 September 2020 If the gross receipts exceed maximum amount not chargeable to tax then only Audit under Income Tax Act, 1961 is required and report of audit in Form No. 10B needs to be filed before filing of return of income that too by the due date for filing of return u/s 139(1).

In your case since the receipts are just Rs.5,000 you need not file audit report.
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