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Audit is compulsory for a trust not claiming any exemptions
TRUST RECEIVING ONLY RENTAL INCOME OF RS.35,00,000/- PER ANNUM AND NOT CLAIMING ANY EXEMPTIONS AND PAYING TAX ON TOTAL INCOME, THEN AUDIT OF TRUST COMPULSORY OR NOT
Replies (2)
audit is compulsory(Form 10B need to be filed) ,if taxable income exceeds 2,50,000. whether the trust is spending money for charitable purposes?
If it is a registered trust then an audit of trust is compulsory.
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