SALMAN KHAN CONCERNED ABOUT BEING HUMAN TRUST AUDIT Salman Khan to his CA- As everyone knows I am running a being human trust which is a charitable organisation. During last year its total receipts are one crore which includes donations and interest on fdrs. Trust expended 90 % of its total receipts on charitable activities and for balance it claim exemption u/s 11 & 12 and its total income becomes NIL. So I want to know is that trust liable for audit & to get audit report from CA. CA - Yes, trust is liable for audit because as per section 12A of the act if the total income of the trust BEFORE claiming exemption u/s 11 & 12 exceeds basic exemption limit Rs I.e. Rs 2 lac then trust is liable for audit & to get report from CA in form no. 10B. Since in your case total income before claiming exemption comes Rs 10 lac ( 100lac-90lac ) hence trust has to get audit report.
Posted on: Fri, 17 Oct 2014 06:03:01 +0000
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