Tax audit of ngo u/s 44 ab whether compulsory or not?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 September 2013
NGO registered u/s Section 12AA , tax audit Report u/s 44ab is compulsory if the grant received by the NGO exceeds Rs. 1 Crore?
08 September 2013
The One Crore limit you referred, applicable to the person carrying on business. NGO which got registration under 12AA is required to get books audited if the gross receipts exceed the maximum exemption not liable for tax ( Rs. 2,00,000) before claiming exemption under section 11 and 12.
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 September 2013
Income or Gross receipts....? can we consider the grant as receipts...? plz guide.
11 September 2013
for audit purpose both capital and revenue grant should be considered.
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