Filing of form -10bb for trust is mandatory!!!!!!
This query is : Resolved
22 February 2018
Dear Experts,
I would like to know about the filing of FORM -10B/10BB (Audit Report) for Trust :
A trust having its Total income below 2.5 lakh before claiming exemptions u/s 11 and 12.
Filing of FORM10B/10BB is mandatory to this trust or every trust must file FORM 10B/10BB audit report.
I would like to know about the filing of FORM -10B/10BB (Audit Report) for Trust :
A trust having its Total income below 2.5 lakh before claiming exemptions u/s 11 and 12.
Filing of FORM10B/10BB is mandatory to this trust or every trust must file FORM 10B/10BB audit report.
22 February 2018
For claiming exemption under section 11 and 12 of income tax Act, 1961 charitable or religious trust or institution shall mandatory have to get their accounts audited if the total income without giving effects to provisions of section 11 and 12 exceed maximum amount not chargeable to tax and shall obtain audit report in form 10B.
So if a charitable and religious trust or institution is not registered under section 12A and hence not eligible to claim exemption under section 11 and 12 of the Act is not supposed to obtain audit report in form 10B. Even if such institution is getting its account audited from a Chartered Accountant by virtue of requirements contained in its governing statue, the audit report shall not be in form 10B.
So if a charitable and religious trust or institution is not registered under section 12A and hence not eligible to claim exemption under section 11 and 12 of the Act is not supposed to obtain audit report in form 10B. Even if such institution is getting its account audited from a Chartered Accountant by virtue of requirements contained in its governing statue, the audit report shall not be in form 10B.
Message likes :
2 times
22 February 2018
Filing for form 10B/10BB is mandatory for every trust, No need to consider Total Income of 2.5 Lakh?
22 February 2018
IF THE TOTAL INCOME OF TRUST, BEFORE GIVING EFFECT TO SEC 11 AND 12 IS BELOW THE MAX AMT NOT CHARGEABLE TO TAX , THEN AUDIT IS NOT NECESSARY U/S 12.
No need to file form 10b
No need to file form 10b
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
