A public charitable trust running an educational institution with annual receipt of 65lakhs and total income of 320000. Is the trust liable for audit under section 44B? pls answer as per finance act 2022.
secondly for institutions reg under section 10(23C) what is the criteria for audit as per finance act 2022.
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Audit of trust,
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Quick Summary
Rule 16CC Specify the limit and Tax audit , and FORM to be filled by the trust registered under section 10(23C).
As you have mentioned that gross income is less than 5Cr, Tax audit need to be done and FORM 10BB need to be filled.
As you have mentioned that gross income is less than 5Cr, Tax audit need to be done and FORM 10BB need to be filled.
Educational trust with receipts of Rs 65 lakh:
• If registered under 12A/12AB (or approved under 10(23C)(vi)), audit is required if total income (before exemptions) exceeds the basic exemption limit. Form 10BB (receipts below Rs 5 crore, no foreign contribution), filed one month before the ITR due date (30 September for 31 October).
• If relying on 10(23C)(iiiad) (educational institution with aggregate receipts up to Rs 5 crore, existing solely for education, not for profit), no registration, audit or 10B/10BB is needed for the exemption. But ITR-7 filing may still be required if income exceeds the exemption limit before the exemption.
• Choose the provision the trust relies on and comply accordingly.
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