Charitable trust audit
This query is : Resolved
02 December 2014
dear sir,
whether audit of charitable trust will be applicable in following case
Donation received without specific direction is around 300000 and revnue expenditure of trust is also around 300000 ie there is net defict.Now my question is whether audit will be applicable.Further according to provision when income exceeds taxable limit then audit is required.I am confused that for income limit whether net income will be considered or gross receipts.
whether audit of charitable trust will be applicable in following case
Donation received without specific direction is around 300000 and revnue expenditure of trust is also around 300000 ie there is net defict.Now my question is whether audit will be applicable.Further according to provision when income exceeds taxable limit then audit is required.I am confused that for income limit whether net income will be considered or gross receipts.
02 December 2014
u need to check gross reciepts only.........
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