TRUST REGD u/s 12AA
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 July 2011
Hi there,
A Trust is registered u/s 12AA of the IT Act.
The Gross receipts is Rs. 1031375/- for the F.Y. 2010-11.
The Excessof Income over expenditure is Rs. 8496/-.
Is the Trust liable for tax audit??
What is the criteria for maintaining books of accounts and Tax Audit for a Trust?
Please suggest.
Thanks in advance.
A Trust is registered u/s 12AA of the IT Act.
The Gross receipts is Rs. 1031375/- for the F.Y. 2010-11.
The Excessof Income over expenditure is Rs. 8496/-.
Is the Trust liable for tax audit??
What is the criteria for maintaining books of accounts and Tax Audit for a Trust?
Please suggest.
Thanks in advance.
19 July 2011
Tax audit under section 44AB of the Income tax Act,1961 is not required for a trust having charitable purposes as main object.
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