Audit requirement

When a education institute like schools and colleges are required to get thier books audited?(apart from audit under income tax for tax benefit)

and by whom is it to be audited??

and format of school audit??
Replies (3)
Quick Summary
This discussion clarifies when schools and colleges are legally required to have their accounts audited, beyond standard income tax benefits. Audits become mandatory when gross receipts exceed £1 crore. These audits must be conducted by a Chartered Accountant, specifically under the provisions of Section 44AB of the Income Tax Act.

When gross receipts exceeds 1 crores rupees then the books of accounts should be audited.

Chartered Accountant should audit the books of accounts.
Under which act?
Audit under section 44AB

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