HI
I HAVE ONE CLINET WHO FORMED PRIVATE DISCRETIONARY TRUST ,
1.WHAT IS THE COMPLIANCE OF AUDIT IN CASE PRIVATE TRUST (FAMILY TRUST)
2.A TRUST CAN BE AN AOP ?
3.WHAT IS THE THRESHOLD LIMIT FOR AUDIT OF PRIVATE TRUST.
4. UNDER WHICH ACT AUDIT IS APPLIABLE TO PRIVATE TRUST.
5. WHAT KINDS OF AUIDT IS APPLICABLE TO PRIVATE TRUST.
A private discretionary trust must obtain a PAN, maintain rigorous books of accounts, and file tax returns (usually as an AOP or representative assessee). It is subject to a tax audit under Section 44AB of the Income Tax Act only if its business/professional receipts exceed the prescribed statutory thresholds. Always ensure the Trust Deed's specific provisions regarding audits and reporting are followed, as these override general requirements.
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