Tax audit u/s 44ab compulsory ?
This query is : Resolved
17 October 2016
Dear Experts Please let me know the Tax Audit Procedure for Trust registered u/s 12A and 80G Exemption certificate. During the Year 2015-16 trust received only 79850/- as donations and more than 85% expenses incurred. My query is it Tax Audit is compulsory or not. Please give your experts opinion in this regard. Thanks in advance
17 October 2016
Tax audit u/s 44AB not applicable to charitable trusts. As the income of the trust before claiming exemption u/s 11 and 12 is below basic exemption limit no need of audit u/s 12 A also no need of filing return.
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