ICAI releases technical guide on audit of charitable institutions u/s 12A
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- Last Updated on 23 September, 2022
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News, dated 22-09-2022
Section 12A provides for conditions to be satisfied by a charitable institution for availing of exemption under sections 11 and 12. To avail of the exemption under Section 11 and Section 12, a trust must get its books of accounts audited.
The books of accounts are required to be audited where the total income of the trust before exemption under sections 11 and 12 exceeds the maximum amount not chargeable to tax. The accounts of the trust for that year should be audited by a Chartered Accountant. The audit report has to be furnished in Form 10B at least one month prior to the due date of submission of return of income.
The principal aim of the audit of Charitable Institutions is to enable the Assessing Officer (AO) to satisfy himself about the genuineness of the claim for exemption under section 11 and also whether the Institution has complied with all the requirements prescribed by the statute.
Thus, to guide Chartered Accountants, the Institute of Chartered Accountants of India (ICAI) has released a technical guide on the audit of Charitable Institutions under Section 12A based on the law amended by the Finance Act, 2022.
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