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Trust audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2013 what is provision regarding trust audit for 2012-13?
what is any limit for trust audit?
what is any tax liability for trust?


06 July 2013 1. Letter of appointment as auditor from the trustees and acceptance thereof.
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2. Audit report to be filed on or before 30th September.
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3. 85% of Income (Receipts) to be "applied" for charitable purpose if it is registered with CIT.
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(The meaning of "applied" is very wide).
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4. If not regd.; maximum marginal rate of tax will be chargeable.
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5. Without expert knowledge; "handsome" troubles may arise "after conducting" such work.



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