tax audit of trust
This query is : Resolved
05 January 2011
is it necessary for the trust to get its accounts audited under sec 44 ab ?
05 January 2011
PL refer CIT vs India Magnu Fun(2002) 81 ITD 295 (Mum).
Decision is, if the income is exempt u/s 10 to 13A of the income tax Act,1961, then audit u/s44AB is not applicable. However , if the income is chargable to tax then audit u/s 44AB is applicable.
Decision is, if the income is exempt u/s 10 to 13A of the income tax Act,1961, then audit u/s44AB is not applicable. However , if the income is chargable to tax then audit u/s 44AB is applicable.
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