Wednesday, April 16, 2014

Registration of Charitable or Religious trust – Audit Mandatory

The Panaji Bench of ITAT has held that provisions of section 12A(1)(b) are mandatory and, therefore, even if a trust is incorporated under a State Act, it is bound to get its accounts audited in case its total income without giving effect to provisions of sections 11 and 12 exceeds maximum amount not chargeable to tax.

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