Filing of form -10bb for trust is mandatory!!!!!!

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This query is : Resolved

Saroj Jyoti (Querist)

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.

Arpit

Arpit (Expert)

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.

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Saroj Jyoti

Saroj Jyoti (Querist)

22 February 2018 Filing for form 10B/10BB is mandatory for every trust, No need to consider Total Income of 2.5 Lakh?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

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

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