Trust audit

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IPCC
105 Points Posted on 28 July 2019

Dear All,

If Un-register trust (Un-register under 11 & 12A Sec. of IT Act 1961) received donation from Public in FY 2018-19 is Rs 1cr.

And after all expenses paid the net profit is Rs 8,15,000/- which is more than 8% of donation receipt in FY 2018-19 (1cr x 8% = 8,00,000/-) So, in that case audit is compulsory or not please let us know as earliest.

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On 28 July 2019 at 02:24 Report
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5751 Points Posted on 28 July 2019
in my opinion, the donations received Will be charged to tax under income from other sources. I moreover when your turnover is more than 1 cr, it's compulsory audit (cases other than 44ad for which you are not eligible assessee) irrespective of the % of income offered for tax
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On 28 July 2019 at 08:51
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IPCC
105 Points Posted on 28 July 2019
Hi Sir, Thanks for the response. Trust turnover is less then 1cr and profit is more then 8℅ so audit is compulsory?? Which ITR we need to file? Please response
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On 28 July 2019 at 09:00
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5751 Points Posted on 28 July 2019
unregistered trust will be assessed as AOP. there's no requirement to audit as per income-tax act
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On 28 July 2019 at 09:32

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