Charitable Trust
This query is : Resolved
14 April 2010
Hi,
Does a Charitable trust needs to comply with the prov of Sec 44Ab of IT Act as far it relates to tax audit if the charitable trust is involoved in publication of books and annual sales turnover excceds Rs 1 crore
Does a Charitable trust needs to comply with the prov of Sec 44Ab of IT Act as far it relates to tax audit if the charitable trust is involoved in publication of books and annual sales turnover excceds Rs 1 crore
15 April 2010
Printing of books and its sales is a business activity as far as the charitable trust is concerned. Since the turnover crossed the threshold limit audit under section 44AB is mandatory.
Same view is expressed by ICAI in their publication "issues on tax audit" in the matter of a trust running a hospital.
Same view is expressed by ICAI in their publication "issues on tax audit" in the matter of a trust running a hospital.
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