Is the audit of Cheritable Society by CA required irrespective of turnover? Can we apply for 12A & 80G registration with last 3 years compiled financials statement?
Yes audit of charitable trust are subject to audit u/sec 11 if more than 85% of the receipts are utilized for the objects then the balance is not taxable. the charitable trust must obtain exemption certificate as per notified donations mentioned in Sec 80G . obviously it must obtain registRation u/sec 12A. THE BASIC THRESHOLD LIMIT OF RS.250000 is applicable.
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