Dear Friends,
For trust registration U/Sec 12A,3 years Audited Bls is required ,So even if the Assessee doesnt have reciepts over Basic exemption limit in the three years we need to give a audited Bls but what about form 10B & Return filling.
Regards.
12A registration has to be dne within 1 year of trust registration.So there can be no mandatory requirement of 3 years audited balance sheet. If you are filing late then if the gross income exceeds minimum amount exempt from tax - be careful. The Department can ask you to file returns and proceed to assess as if it is an AOP whose shares are not determinate. If gross income is below minimum exempt, you can furnish Audited balance sheet. Return need not be filed. Question of Form 10B does not arise as it is to be furnished for trust/assn already enjoying 12A registration.
Thanks for the reply Mr Rajgopalkrishnan,yes you are correct but if still the CIT needs an audited Bls of three years where it does not have reciepts over BEL in any of the years,should a signed Bls is enough for the cause?
Regards,
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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