Dear Sir/Madam,
I just want to confirm what is the threshold of income tax audit for a charitable Society and Trust?
I mean if an NGO is having a donation of 8-10 Lack only in a year. Would they be required to go for Income tax audit? or can they just file their ITR-5 ? Pls confirm?
Thanks in Advance
If the trust/society is registered for income tax exemption then the audit is required because income is above 2.5 lac.
Dear Sir,
What's the meaning of Income here?
I mean is the total amount received is income or the surplus income left in the 'receipt & payments a/c' is income?
Pls clarify sir.
Thanks in advance.
It is the total amount received.
CAclubindia
