WHETHER AUDIT U/S 44AB APPLICABLE TO TRUST

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..... WHETHER AUDIT U/S 44AB APPLICABLE TO TRUST
Query (Issue) Started By: - CHAMAN BANTHIA Dated:- 30-1-2019 Last Reply Date:- 16-4-2019 Income Tax
Got 5 Replies
Income Tax
ASSESSEE IS AN EDUCATIONAL TRUST HAVING GROSS RECEIPT(SCHOOL FEES) EXCEEDING 1 CR. BUT NOT HAVING REGISTRATION U/S 12AA. THE TRUST HAS NOT GONE FOR OR APPLIED FOR 12A. THE AUDIT OF ACCOUNTS BY A CHARTERED ACCOUNTANT HAD .....

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..... BEEN CONDUCTED BUT HAS NOT UPLOADED THE FORM 3CB-3CD. Q(1)- WHETHER TAX AUDIT U/S 44AB IS APPLICABLE TO AFORESAID TRUST? Q(2)- WHAT IF AFORESAID AUDIT WAS CONDUCTED AFTER DUE DATE & FORM 3CB-CD NOT UPLOADED? ALSO THERE WERE CONTRIBUTION FROM TRUSTEES TO THE EDUCATIONAL INSTITUTION(TRUST). Q(2)- WHETHER CONTRIBUTION IS TO BE INCLUDED WHILE CALCULATING GROSS RECEIPTS? Q(3)- WHETHER THE CONTRIB .....

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..... UTION CAN BE CONSIDERED AS CORPUS FUND? Q(4)- IS CORPUS FUND(IN THIS CASE CONTRIBUTION)TAXABLE AS INCOME? MY CONTENTION - AS AUDIT U/S 44AB IS APPLICABLE TO ASSESSEE HAVING INCOME FROM BUSINESS/PROFESSION. IN THE ABOVE CASE ASSESSEE IS RUNNING AN EDUCATIONAL TRUST SO WE CAN IGNORE TAX AUDIT. CONTACT NO. 9680003049 Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: IN my view tax audit is not appl .....

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..... icable since the trust is not carrying any business. Reply By CHAMAN BANTHIA: The Reply: Thank you sir , what about contributions ? Reply By CASusheel Gupta: The Reply: Contribution can be considered as corpus only if it is with specific direction that it shall form part of corpus. Corpus fund is not taxable (Refer to section 11(1)(d). CA Susheel Gupta 9811004443 Reply By CASusheel Gupta: .....

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..... The Reply: You need to file form 10 and 9A for accumulation and audit report in form 10B CA Susheel Gupta 9811004443 Reply By CHAMAN BANTHIA: The Reply: Thank you sir.
Discussion Forum - Knowledge Sharing .....

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