Deepak Gupta
(CA Student)
(15922 Points)
Replied 15 July 2013
| Originally posted by : nisha | ||
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pls anyone could tell me when do trust will fall under Tax Audit . also when it is covered in Trust Audit. Pls Mail me format of 2 OF SECTION 33 & 34 AND RULE 19 OF THE BOMBAY PUBLIC TRUST ACTS. Reply pls |
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Tax Audit will be applicable to a Trust if their turnover in business exceeds the prescribed limit (Presently Rs.100 lakhs w.e.f. A.Y.2013-14) because section 44AB nor any other provisions of the Act stipulate exemption from the compulsory tax audit to any person whose income is exempt from tax.
Trusts having annual income of Rs. 15,000 or less are exempt from audit from Bombay Public Trust Act, 1950.
Time Period for Audit: 6 months from the date of balancing of accounts. Audit report to be submitted within fortnight of the audit.
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 15 July 2013
Trusts regiistered under Bombay Trust Act are required to file Audit report in form 10BB....the form is available at incometaxindiaefilling.gov.in.
Nikunj Chopda
(Accountant)
(22 Points)
Replied 20 June 2015
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