Tax Audit
This query is : Resolved
leena s kothari
(Querist)
28 July 2010
the assessee is an educational institute having educational fees received above 40 lacs. will tax audit be applicable.
assessee is having no other income. a trust is running the educational institute
assessee is having no other income. a trust is running the educational institute
28 July 2010
basically this would be exempt from tax u/s 11 if the trust gets registered for income tax benefit
otherwise it would be liable for tax audit
otherwise it would be liable for tax audit
CA.ViVeK M ACA
(Expert)
28 July 2010
Fact of the case
Trust income more than 40 lakh
Provisions in Income tax
If a trust created for Charitable or religious purpose and eligible for exemption U/S 10(11), then no tax, no audit requirement u/s 44 AB...
Conclusion
Taxaility depends upon the purpose of the trust
Trust income more than 40 lakh
Provisions in Income tax
If a trust created for Charitable or religious purpose and eligible for exemption U/S 10(11), then no tax, no audit requirement u/s 44 AB...
Conclusion
Taxaility depends upon the purpose of the trust
CA. Pradeep Nayak
(Expert)
28 July 2010
Tax audit u/s 44AB is not applicable for trusts.
However, if the income of trust (before claiming deduction u/s 11 & 12) exceeds amount not chargeable to tax for the previous year (i.e Rs. 1.6 lac), the trust should get it accounts audited u/s 12A(1)(b) and audit report should be furnished in Form 10B.
However, if the income of trust (before claiming deduction u/s 11 & 12) exceeds amount not chargeable to tax for the previous year (i.e Rs. 1.6 lac), the trust should get it accounts audited u/s 12A(1)(b) and audit report should be furnished in Form 10B.
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