Monetary Limit for Audit of Charitable / Religious Trust
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 March 2011
What is the prescribed monetary limit for the audit of a charitable or religious trust under the Indian Income Tax Act, 1961. Please define the section also.
10 March 2011
Where the total income of the trust as computed under the Income tax Act,1961 before exemptions under sections 11 and 12 exceeds the maximum amount which is not chargeable to income tax in any previous year, the accounts of the trust for that year are required to be audited by an accountant as defined in the explanation to section 288(2) and the audit report in form 10B of the Income tax Rules,1962 must be obtained. Pl refer section 12A (b) of the said act.
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10 March 2011
Interpretation:
Actually Trust Income Taxable as Per Status of Its Beneficiary
If Beneficiary is Mr. X Then Its Status is Individual
and Like one Audit to be done before claiming any exemption if total incom,e exceed basic exemption limit
Actually Trust Income Taxable as Per Status of Its Beneficiary
If Beneficiary is Mr. X Then Its Status is Individual
and Like one Audit to be done before claiming any exemption if total incom,e exceed basic exemption limit
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