Trust audit
This query is : Resolved
saurabh garg
(Querist)
05 July 2016
Query is....
As per income tax act, a trust is required to get audited if total income of trust without exemption under sec 11 and 12 is more than the limit specified for income tax....
what is the meaning of total income....
is it total receipts??
or is it net receipts after dedicting the actual exp??
Amol S Joglekar
(Expert)
06 July 2016
which section you are referring in this?
if it is 44AB.....?
if it is 44AB.....?
06 July 2016
The section 12A (b) reads 'total income' ....... as computed under this act ,which means total receipts less expenditure.
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