Trust audit u/s 12a(b)
This query is : Resolved
26 December 2014
Dear Experts,
Section 12A(b) states that trust is required to get Audit if total income of the trust 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.
I want to know the exact meaning of total income. Is total income computed after deducting expenditures or its total receipts without deducting expenditures.
Section 12A(b) states that trust is required to get Audit if total income of the trust 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.
I want to know the exact meaning of total income. Is total income computed after deducting expenditures or its total receipts without deducting expenditures.
26 December 2014
As per section 2(45) of Income Tax Act, 1961
"total income" means the total amount of income referred to in section 5, computed in the manner laid down in this Act.
It simply means that gross receipt minor related expenses, but before claiming any deduction under Income Tax Act.
"total income" means the total amount of income referred to in section 5, computed in the manner laid down in this Act.
It simply means that gross receipt minor related expenses, but before claiming any deduction under Income Tax Act.
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