Audit and recordkeeping requirement for trusts: links audit timing and books maintenance to income-tax exemption eligibility. Where a trust's total income (computed without applying charitable-income provisions) exceeds the basic non-taxable threshold, the trust must maintain ... Summary
Audit and recordkeeping requirement for trusts: links audit timing and books maintenance to income-tax exemption eligibility.
Where a trust's total income (computed without applying charitable-income provisions) exceeds the basic non-taxable threshold, the trust must maintain books of account and other documents in the prescribed form, manner and place, have its accounts audited by a prescribed accountant before the specified audit-filing date, and furnish the prescribed audit report duly signed and verified by that accountant.
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