{"id":9272,"date":"2020-05-23T17:47:28","date_gmt":"2020-05-23T12:17:28","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=9272"},"modified":"2020-07-10T15:45:24","modified_gmt":"2020-07-10T10:15:24","slug":"audit-of-charitable-trust-or-ngo-under-section-12a-b","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/audit-of-charitable-trust-or-ngo-under-section-12a-b\/","title":{"rendered":"Audit of Charitable trust or NGO under section 12A (b)"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The main objective of auditing charitable institutions is to allow the assessing officer to convince himself concerning the genuineness of the privilege\/exemption claim under section 11. It is even to verify if the trust has complied with qualifications guided by the law or ordinance. The accountant has to check the <strong>&#8216;balance sheet&#8217;<\/strong> and the <strong>&#8216;profit and loss&#8217;<\/strong> exhibiting an authentic and fair view. He should consider all the concerning <strong>compliance<\/strong> with the provisions of the Act by the institution in respect of the preservation of <strong>books of accounts<\/strong>, data, and returns from members and other related documents. He must check the following standards:-  <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"576\" height=\"391\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-105.png\" alt=\"preservation of books of accounts\" class=\"wp-image-9273\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-105.png 576w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-105-300x204.png 300w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/figure><\/div>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/audit-of-charitable-trust-or-ngo-under-section-12a-b\/#What_are_the_responsibilities_of_an_accountant_in_a_Charitable_Trust\" >What are the responsibilities of an accountant in a\nCharitable Trust?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/audit-of-charitable-trust-or-ngo-under-section-12a-b\/#What_do_you_mean_by_Requirement_for_Audit_of_Charitable_Trust\" >What do you mean by Requirement for Audit of Charitable Trust?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/audit-of-charitable-trust-or-ngo-under-section-12a-b\/#What_do_you_mean_by_Audit_Report_under_Form_10B_and_10BB\" >What do you mean by Audit Report under Form 10B and 10BB?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/audit-of-charitable-trust-or-ngo-under-section-12a-b\/#What_are_the_Verifications_of_Audit_of_Charitable_Trust\" >What are the Verifications of Audit of Charitable Trust?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/audit-of-charitable-trust-or-ngo-under-section-12a-b\/#What_is_the_Credential_that_Auditor_should_be_Looking_while_Computing_Income\" >What is the Credential that Auditor should be Looking\nwhile Computing Income?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/audit-of-charitable-trust-or-ngo-under-section-12a-b\/#What_are_Recent_Updates_Pertaining_to_the_Audits_of_Charitable_Institutions\" >What are Recent Updates Pertaining to the Audits of\nCharitable Institutions?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/audit-of-charitable-trust-or-ngo-under-section-12a-b\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_responsibilities_of_an_accountant_in_a_Charitable_Trust\"><\/span>What are the responsibilities of an accountant in a\nCharitable Trust?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Apart from satisfying Assessing Officer about the <strong>genuineness of activities<\/strong> of trust in the claim for exemption under section 11, he should also work diligently with all the requirements <strong>approved by the law<\/strong>.<\/li><li>The accountant has to check the <strong>balance sheet<\/strong> and the profit and loss and give an impression on whether they exhibit an accurate and fair view.<\/li><li>The accountant must note that the SA\u2019s announced by the ICAI would introduce to the <strong>audit <\/strong>of<strong> <\/strong>charitable trust <strong>under section 12A (1) (b)<\/strong> of the Income Tax Act 1961.<\/li><li>In matters of <strong>professional responsibilities<\/strong>, the accountant should adhere with the \u201c<strong>Code of Ethics<\/strong>\u201d published by the ICAI in managing the audit of <a href=\"https:\/\/corpbiz.io\/learning\/restrictions-on-the-charitable-trust\/\"><strong>charitable trust<\/strong><\/a> under section 12A(1)(b)<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Audit Receipts of Charitable Trust <\/h3>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"684\" height=\"292\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-106.png\" alt=\"Audit Receipts of Charitable Trust \" class=\"wp-image-9274\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-106.png 684w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-106-300x128.png 300w\" sizes=\"(max-width: 684px) 100vw, 684px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_do_you_mean_by_Requirement_for_Audit_of_Charitable_Trust\"><\/span>What do you mean by Requirement for Audit of Charitable Trust?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Following <strong>Clause (b) of sub-section (1) of section 12A<\/strong> of the <strong>Income Tax Act<\/strong><sup><a href=\"https:\/\/www.incometaxindia.gov.in\/pages\/acts\/income-tax-act.aspx\"><strong>[1]<\/strong><\/a><\/sup>, it requires complete audit if the &#8220;<strong>whole income<\/strong>&#8221; of the organization for the appropriate year more than the greatest or maximum amount not liable to income tax. <\/li><li>It determines that if the organization&#8217;s total income in a prior year-before delivering a considerable impact to the provisions of the Act is not more than the said maximum amount, which is not liable to income tax, in that case, <strong>no audit<\/strong> is needed.<\/li><li>It is a prime issue whether any Contributions with a particular direction should form a <strong>part of the corpus<\/strong> involved in income.<\/li><li>The answer is pretty simple. Under the note of guidance determining the <strong>ceiling limit<\/strong> of the highest amount, which is not liable to pay income tax for qualification to audit under section 12A (1) (b), <strong>donations or grants<\/strong> towards the organization&#8217;s corpus are to be added. <\/li><li>Nevertheless, income exemptions U\/s 10, such as all the <strong>dividends<\/strong>, should not get combined in the income more than the maximum amount, which is not payable.<\/li><li>However, during the calculations, if the total income does not seem to surpass the limit of the maximum expense, then it is not <strong>chargeable to income tax<\/strong>. <\/li><li>Despite this, eventually it may appear that the <strong>&#8216;total income&#8217;<\/strong> surpasses the maximum liability may not get subjected to income tax on account of incidents. For example: &#8211; if an <strong>unforeseen misapplication<\/strong> of the investments designated U\/s 11(2) (b), then in such cases, audited reports can get presented with a corrected return, respectively.<\/li><li>Moreover, the donations collected by an organization whose income is exempt &#8216;<strong>under sections 11 &amp; 12&#8242; or &#8216;Clause (23&#8217;) or &#8216;Clause (23AA)&#8217; or &#8216;Clause (23C&#8217;)<\/strong> of section 10 of the Act are qualified for deduction under section 80G.<\/li><li>&nbsp;It should be in considerations only when it has provided after the <strong>approval by the Commissioner <\/strong>of Income-tax or Director-General (exemptions) under section &#8217;80G (5) (vi)&#8217;.<\/li><li>In a firm discourse, the primary responsibility of the accountant is required to <strong>audit <\/strong>of Charitable Trust<strong> as per section 12A<\/strong>, unless there is a particular requirement in the Act\/rule\/form prescribed. There is no obligation forced upon the accountant to confirm or accredit the compliance given under the provisions of any other law. <\/li><li>Other than the conditions stated in <strong>section 12A (1) (b<\/strong>), the auditor must abide by a few more critical requirements. Section 12A (1) (a) deals with the requirements concerning registration of an organization complying with the Income Tax Act. As a result of this, all the <a href=\"https:\/\/corpbiz.io\/trust-registration\"><strong>trust registration<\/strong><\/a> application has to be <strong>furnished in Form No.10A (duplicate)<\/strong>, prescribed under <strong>Rule 17A<\/strong> of the Act.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_do_you_mean_by_Audit_Report_under_Form_10B_and_10BB\"><\/span>What do you mean by Audit Report under Form 10B and 10BB?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"593\" height=\"336\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-107.png\" alt=\"Audit Report under Form 10B and 10BB\" class=\"wp-image-9275\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-107.png 593w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-107-300x170.png 300w\" sizes=\"(max-width: 593px) 100vw, 593px\" \/><\/figure><\/div>\n\n\n\n<p>While auditing, the auditor should\nconsider these following documents addressing essential particulars required in\nthe specified annexure form.<\/p>\n\n\n\n<ul><li>Statements\nof income and all accounts of expenditure<\/li><li>Balance\nsheet of the trust<\/li><li>All\nreports for payments and receipts&nbsp;<\/li><li>Minutes\nof the meeting of the Trust-Governing committee<\/li><li>Proof\nof paid Income Tax-Documents<\/li><li>Statements\nof Income Tax-Each year Calculations&nbsp;<\/li><li>Business\nreports along with proof of profits and loss<\/li><li>Numerous\ncopies of the instrument of trust deed\/bye-laws\/memorandum of articles, etc.<\/li><\/ul>\n\n\n\n<p><strong>Particulars of FORM 10B- Application of Income<\/strong><\/p>\n\n\n\n<ul><li>Whole\namount of income per year applied to <strong>charitable\nor religious purpose<\/strong> within India<\/li><li>Details\nof income deemed to be used exercised under <strong>clause (2) of explanation 11(1)<\/strong><\/li><li>Accumulating\nor setting apart of the revenue for application not <strong>more than 15%<\/strong> of income received<\/li><li>Calculation\nof the whole amount of income available for <strong>exemption u\/s 11(1)(c)<\/strong><\/li><li>Amount\nset apart for <strong>section 11(2),<\/strong> except\nsection 3<\/li><li>All\nthe details concerning the amount mentioned in <strong>section 5<\/strong> invested or deposited as per sec 11(2)(b)<\/li><li>Detailing\nall the calculation of income in respect of which the option was used <strong>earlier year<\/strong> considering the income as\nof the previous year under section 11(1B)<\/li><li>Detailing\nall the income that <strong>has accumulated or\nset apart<\/strong> for stipulated purposes under section 11(2) in an earlier year-<\/li><\/ul>\n\n\n\n<ol><li>Determining if the amount that has applied for purposes other than charitable or religious purposes<\/li><li>Determining if the amount that has ceased to be accumulated or set apart for application<\/li><li>Determining if the amount that has ceased to remain invested in any agreement referred to in section 11(2)(b)(i)<\/li><li>Determining if the amount that has invested in any account referred to in section 11(2)(b)(ii) or section 11(2)(b)(iii)<\/li><li>Determining if the amount has not utilized for objects for which it was accumulated or set apart during the time for collected.<\/li><\/ol>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/cancellation-of-trust-registration\/\">Cancellation Grounds for Trust Registration 2020: New Changes\n<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Verifications_of_Audit_of_Charitable_Trust\"><\/span>What are the Verifications of Audit of Charitable Trust?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Verification in auditing is a method in which auditors satisfy themselves with the original existence of &#8216;<strong>assets&#8217;<\/strong> and &#8216;<strong>liabilities&#8217;<\/strong> displaying in the Declaration of Financial Position. It examines <strong>existence<\/strong>, <strong>possession<\/strong>, <strong>title<\/strong>, <strong>ownership<\/strong>, decent <strong>valuation<\/strong>, and appearance of any <strong>charge or lien<\/strong> over assets. The Accountant is required to verify:-<\/p>\n\n\n\n<ul><li>Income\nas outlined under sections 11 and 12 of the Income-tax Act. It can be divided\ninto five broad classes such as:-<\/li><\/ul>\n\n\n\n<ol><li><strong>Income\nwith Direction:-&nbsp;<\/strong>Voluntary\ncontributions made with a specific direction that they shall form part of\ncorpus;<\/li><li><strong>Income\nwith No Direction:-<\/strong>Voluntary\ncontributions made without a particular direction that they shall form part of\ncorpus;<\/li><li><strong>Outcomes\nof Activities:-&nbsp;<\/strong>Profits\nand gains of business which are incidental for achieving the objects;<\/li><li><strong>Receipts:<\/strong>&#8211; Other customary receipts &amp;\nCapital gains;<\/li><\/ol>\n\n\n\n<ul><li>Check\nthe amount used during that year by separating the figures from:-<\/li><\/ul>\n\n\n\n<ol><li>Income\nand expense account;<\/li><li>Balance\nsheet and\/or receipts and returns account.<\/li><\/ol>\n\n\n\n<ul><li>Examine\nthe donations given to another trust in the name of section 11(3) (d).<\/li><li>Examine\nthe estimate of services made accessible to the specified class of persons in\nterms of section 12(2).<\/li><li>Examinations of anonymous donations concerning the particulars prescribed by the Government. Hence, it would be desirable for the accountant to get proper management representation. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Income Accumulated in Excess of Limit<\/h3>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"599\" height=\"431\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-108.png\" alt=\"Auditor responsibility\" class=\"wp-image-9276\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-108.png 599w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-108-300x216.png 300w\" sizes=\"(max-width: 599px) 100vw, 599px\" \/><\/figure><\/div>\n\n\n\n<p>Section 11(2) implies that <strong>where 85% <\/strong>of income has not implemented to be applied to charitable or religious object, however, if accumulated or set apart; such income shall not be inserted to consider the income of the previous year provided:<\/p>\n\n\n\n<ul><li>Auditor depicts all in the notice given to the assessing officer in a prescribed way, not less than for five years<\/li><li>Money gets deposited in a specific form and mode which should get specified as per subsection 5.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Investment and Deposits in prescribed manner<\/h3>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"536\" height=\"412\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-109.png\" alt=\"\" class=\"wp-image-9277\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-109.png 536w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-109-300x231.png 300w\" sizes=\"(max-width: 536px) 100vw, 536px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Credential_that_Auditor_should_be_Looking_while_Computing_Income\"><\/span>What is the Credential that Auditor should be Looking\nwhile Computing Income?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Investigate\nwhether any option under the appropriate section had been employed in&nbsp;<strong>any earlier years&nbsp;<\/strong>and\nget&nbsp;<strong>management\nrepresentation&nbsp;<\/strong>to this<strong>&nbsp;<\/strong>conclusion;<\/li><li><strong>Examine&nbsp;<\/strong>whether the option, if executed towards the non-receipt of\nincome or any other reason.<\/li><li>If the claim\nis&nbsp;<strong>for non-receipt of income<\/strong>,\ncompare with the&nbsp;<strong>year of\nreceipt<\/strong>. For the prevailing year, the auditor should examine\nwhether the same amount had taken in the immediately preceding year and if any\nsum is applied for a charitable missions\/purpose;<\/li><li>If the claim is\nfor any other reason, verify whether the&nbsp;<strong>same has been implemented in the current year&nbsp;<\/strong>since\nthe event should have been exercised in the<strong>&nbsp;<\/strong>immediately preceding previous year only, and;<\/li><li><strong>Read the details of such deemed\nincome&nbsp;<\/strong>explicitly\nstating the appropriate year to which such considered income relates.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Bullets Points covering Expenses<\/h3>\n\n\n\n<ul><li>Payment of Salary, allowances, etc<\/li><li>Services made Available<\/li><li>Purchase of Shares, Security or other Property<\/li><li>Diversion of Income or Property<\/li><li>Application of Income\/Property in any other Manner<\/li><li>Medical or Educational Services<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_Recent_Updates_Pertaining_to_the_Audits_of_Charitable_Institutions\"><\/span>What are Recent Updates Pertaining to the Audits of\nCharitable Institutions?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li><strong>Audit Report:\u00a0<\/strong>The Audit Tax Report required filing Tax Audit under section 12A of a trust or institution.<\/li><li><strong>Time Limit:\u00a0<\/strong>The <a href=\"https:\/\/corpbiz.io\/tax-audit\"><strong>Tax Audit<\/strong><\/a> Report shall be filed within <strong>one month<\/strong> preceding the due date of filing of return under section 139(4A); read with section 139(1).<\/li><\/ul>\n\n\n\n<ul><li>Organization should get the accounts audited by the accountant as defined in Description below sub-section (2) of section 288 before the specific date referred to in section 44AB (i.e., one month before the due date for filing of return under sub-section (1) of section 139)&nbsp;<\/li><li>Furthermore, an amendment of section 92F will present for a&nbsp;<strong>due date of filing a tax audit report<\/strong>, which is expected to get accomplished under section 92E.<\/li><li>Section 43B provides a person to claim certain deductions on a payment basis if the same is paid on or before the due date of filing of return of income.&nbsp;<\/li><li>Due to this <a href=\"https:\/\/corpbiz.io\/learning\/coronavirus-outbreak-impact-on-global-economy\/\"><strong>Corona outbreak,<\/strong><\/a> the due date for filing of return of income in Tax Audit cases is post-pond to 31st October. Henceforth, Tax Audit Report shall be provided by 30th September positively.<\/li><\/ul>\n\n\n\n<table class=\"table table-bordered\"><tbody><tr><td>\n  (I)(B)\n  <\/td><td>\n  Amendment\n  of section 10(23C)\n  <\/td><td>\n  Audit\n  Report cannot be filed along with return of income and shall be filed before\n  the specified date referred to in section 44AB&nbsp;\n  <\/td><td>\n  01.09.2020\n  <\/td><\/tr><tr><td>\n  10(I)(B)\n  <\/td><td>\n  Amendment\n  of section 12A&nbsp;\n  <\/td><td>\n  Audit\n  Report cannot be filed along with return of income and shall be filed before\n  the specified date referred to in section 44AB\n  <\/td><td>\n  01.09.2020\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This amendment shall implement from the assessment year 2020-21. It suggests that it will be suitable for the financial year ending on 31st March 2019. Point to be noted that the famous Indian festival Durga Puja and Dussehra are towards October. It is advisable to <a href=\"https:\/\/corpbiz.io\/income-tax-return-filing\"><strong>file income tax return <\/strong><\/a>before the joyful season gets lighted. Please check in to our CorpBiz team if you need expert advice on complete assistance for your Audit of Charitable Trust. We will help you to ensure complete Auditing, Accounting, and Compliances as per your desired activities, ensuring the successful and well-timed completion of your work.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/new-trust-registration-procedure-2020\/\">New Registration Procedure under 12A (1) a\/aa\/ab: Trust 2020<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The main objective of auditing charitable institutions is to allow the assessing officer to convince himself concerning the genuineness of the privilege\/exemption claim under section 11. It is even to verify if the trust has complied with qualifications guided by the law or ordinance. The accountant has to check the &#8216;balance sheet&#8217; and the &#8216;profit [&hellip;]<\/p>\n","protected":false},"author":20,"featured_media":9279,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[324],"tags":[594],"acf":{"service_id":"10"},"authorName":"Archita Bhattacharjee","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/03\/WhatsApp-Image-2020-03-18-at-11.26.19-AM-1.jpeg","authorDescription":"Archita Bhattacharjee is working as Legal Analyst (Team Lead, Research &amp; Development) at Corpbiz and has proving experience about 2 years as Corporate Legal Researcher in law firms as well as Rajya Sabha and authors in diverse publications. She has refined her skills by representing India in Paris, France and the University of Leiden over implications of International Humanitarian and Criminal Law being certified member of many Legal Centers.","postViews":64753,"readingTime":7,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/9272"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=9272"}],"version-history":[{"count":14,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/9272\/revisions"}],"predecessor-version":[{"id":12597,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/9272\/revisions\/12597"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/9279"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=9272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=9272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=9272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}