Audit report for Trust

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1 Points Posted on 18 December 2020
Audit report to be filed if the receipt of the trust exceeds Rs.2,50,000( this 2,50,000 includes corpus fund or not )

Eg: Receipt of the trust is Rs.2,39,500 and corpus fund is Rs.4,00,000 in this situation what amount should be shown as Receipt?

(Audit report compulsory or not??)
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On 18 December 2020 at 00:31 Report
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Quick Summary
This discussion clarifies the requirement for filing an audit report for trusts when receipts exceed Rs. 2,50,000. It specifies that the total receipt amount, excluding corpus funds, is considered for this threshold. The conversation also confirms that an audit report is compulsory under these conditions, and the total receipts (excluding segregated schedules) should be declared in the ITR.

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Profession
28261 Points Posted on 18 December 2020
Please be more specific.
Elaborate.
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On 18 December 2020 at 09:26
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Tax consultant
5895 Points Posted on 18 December 2020
Audit is compulsory and when in itr it ask for receipt it's meant whole receipt except the sechdule where you have to segregated and show the receipt in itr
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On 18 December 2020 at 10:36

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