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
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- ITR validation error - Balance sheet is not filled
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
