WHETHER AUDIT U/S 44AB APPLICABLE TO TRUST

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 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 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 CONTRIBUTION 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 APPLIC .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ABLE 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 applicable since the trust is not carrying any business. - Reply By CHAMAN BANTHIA - The Reply = Thank you sir , what about contributions ? - Rep .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ly 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 - The Reply = You need to file form 10 and 9A for accumulation and audit report in form 10B CA Susheel Gupta 9811 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 004443 - Reply By CHAMAN BANTHIA - The Reply = Thank you sir. - WHETHER AUDIT U/S 44AB APPLICABLE TO TRUST - Query Started By: - CHAMAN BANTHIA Dated:- 30-1-2019 Income Tax - Got 5 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X