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Audit U/S 44AB of NGO
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?
Replies (3)
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.
Ok..sir...Thanks for your valuable suggestion..
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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