Mandatory audit for registered non-profit organisations applies when income before relevant-part relief exceeds the tax-free threshold. Section 348 requires a registered non-profit organisation to obtain an accountant audit where its total income, computed without the provisions governing ... Summary
Mandatory audit for registered non-profit organisations applies when income before relevant-part relief exceeds the tax-free threshold.
Section 348 requires a registered non-profit organisation to obtain an accountant audit where its total income, computed without the provisions governing such organisations, exceeds the maximum amount not chargeable to income-tax. The person receiving the income must furnish a signed and verified audit report in Form 112, containing prescribed particulars, one month before the return-filing due date. This framework substantially continues the earlier audit requirement for charitable or religious trusts and institutions.
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