Trust audit
This query is : Resolved
23 May 2013
Dear Sir,
In trust at what circumstances our accounts come into section of normal audit not in 44AB as it has been asked in ITR7 that "Are you liable for audit"and under what section. Please guide me for the same.
Thank You
Faisal Sharif
In trust at what circumstances our accounts come into section of normal audit not in 44AB as it has been asked in ITR7 that "Are you liable for audit"and under what section. Please guide me for the same.
Thank You
Faisal Sharif
Guest
Guest
(Expert)
24 May 2013
Trust is liable to be audited u/s Section 12A(1)(b)
which states: where the total income of the trust or institution as computed under this Act without giving effect to [the provisions of section 11 and section 12 exceeds the maximum amount which is not chargeable to income-tax in any previous year], the accounts of the trust or institution for that year have been audited by an accountant as defined in the Explanation below sub-section (2) of section 288 and the person in receipt of the income furnishes along with the return of income for the relevant assessment year the report of such audit in the pres-cribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed.]
which states: where the total income of the trust or institution as computed under this Act without giving effect to [the provisions of section 11 and section 12 exceeds the maximum amount which is not chargeable to income-tax in any previous year], the accounts of the trust or institution for that year have been audited by an accountant as defined in the Explanation below sub-section (2) of section 288 and the person in receipt of the income furnishes along with the return of income for the relevant assessment year the report of such audit in the pres-cribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed.]
13 July 2013
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