Audit of a trust.

Without  giving  the effects  to the provisions of section  11 and section 12  of the  Income Tax act 1961  , Exceeds  Rs 250000/-  Audit  is required  under  section  12A(b)  of the Income  Tax act  1961   . Audit  report  form 10B  .

please confirm with  others also. Also check if  any amendments  in the finance act 2020  for  F.Y 20-21 . 

Yes. Audit is required subject to other conditions: From the AY 2018-19 onwards, the return is to be filed in within due date under section 139(1). The due date for a trust without audit is 31st July of every year. In case, audit is to be conducted, due date is 30th September every year. Changes in Budget 2018:- The Honorable central Government of India has amended that 1. Section 40(a) (ia) with regard to deduction of Tax at Source on expenses as per Chapter XII-B. That means, the Trust has to deduct, pay and file ETDS returns. 2. Section 40A (3) which prohibits payment of cash more than Ten Thousand rupees for any expenses including expenses which are capital in nature. 3. Section 40A(3A) which deals with if any expenditure was allowed for deduction, then any payment in cash more than ten thousand rupees will attract the disallowance of such expenses in the year in which payment is made.

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