Trust audit

This query is : Resolved

ACS Gaurav Jain (Querist)
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15 November 2013 actually a Religious trust form in 2009. but did not registered under income tax act yet. Trust Have Income of Intrest, Sand and Donation. all income applied for Temple construction.

There was contractor. Total Payment was neraly Rs. 5000000 and NIL TDS deducted.

So tell me
1. TDS require in this case. Now what can I do Trust not filed any return from year 2009.

2. Tax Audit require or Not.

3. Which type of audit is require.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 November 2013 1. trusts including religious trusts are required to comply with TDS regulations.

Therefore, TDS was deductible against the payments made to the contractor. It is advisable that you kindly compute the TDS liability and the interest liability including interest for late deduction and deposit of TDS and penalty under 234E for late submission of TDS returns.

2. Tax audit is applicable. Please refer to form 10B.

ACS Gaurav Jain

ACS Gaurav Jain (Expert)
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15 November 2013 Tax audit is applicable when it received donation above 40 or 60 or 100 lacs.

ACS Gaurav Jain

ACS Gaurav Jain (Expert)
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15 November 2013 Can we deducct tds today .. Actuly some amount is remain. And he still not submitted bill.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 November 2013 1. audit under 12A(b) shall apply if income exceeds maximum exempt limit ie Rs 2 lakhs. The return is to be compulsorily filed online. 44ab doesnt apply.

2 You can deduct TDS today and deposit the same with the govt along with the interest payable.

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