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Audit U/S 44AB of NGO

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111 Points Posted on 26 July 2018
we have a ngo registered under section 12A and 80 G. We have deficit this previous year 2017-2018. Is it require to audit U/S 44 AB for A.Y - 2018 - 19?
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On 26 July 2018 at 11:47 Report
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Chartered Accountant
4524 Points Posted on 26 July 2018
In case of loss, since there is no income, therefore it does not exceed the maximum amount not chargeable to tax and so the second condition mandating tax audit u/s 44AB is not satisfied and therefore the assessee is not required to get the accounts audited u/s 44AB.
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On 26 July 2018 at 21:17
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111 Points Posted on 26 July 2018
Ok..sir...Thanks for your valuable suggestion..
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On 26 July 2018 at 21:46
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219 Points Posted on 04 August 2019

Registration Under Section 12A & 80G is giving you exemption related to Tax.

Audit Report is required in any case.

Generally, If a total transaction is above 2 lakh, then it is mandatory. 

I as NGO Consultant can give you advise, that go to NGO Specialist CA. Not All CA deal NGOs properly.

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On 04 August 2019 at 06:29


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