| Filing Returns
Requirement Of Audit Report
Section 12A states two conditions for availing the exemption available
under the Act, the first condition is regarding application for
registration and the second condition is regarding audit by an accountant
as defined in the Explanation below sub-section (2) of section 288.
All organizations are required to apply for registration within
one year from the date of their creation. If there is delay in applying
for registration then the organization should submit Audit Reports
for the past three years or as may be available.
Monetary Limit
As per the Taxation Laws Amendment Act, 2006, w.e.f. 1st April
2006, it is mandatory for every organization to get its account
audited where its income exceeds the minimum exemption limit. (As
per the Finance Act 2008, presently the minimum exemption limit
is Rs.1,50,000)
The implication of section 13(3) is extensive and therefore it may
not be possible on the part of the Auditor to make independent inquiries.
Therefore the Auditor before certifying the annexure to Form 10B
should ensure and also clearly state the scope of his / her work
and the responsibilities owned. It is important that the Auditor
should mention in its report that the details of the persons covered
under section 13(3) were provided by the Trustees of the Trust or
the functionaries of the organizations.
Filing of Return
All Charitable Organizations having income exceeding Rs. 50,000
during the previous year are required to file their return of income.
The ‘income’ for the purposes of filing the return should
be computed without giving effect to the provisions of sections
11 and 12 of the Act. Such returns are to be filed with the Income-Tax
Officer or the Assessing Officer under whose local jurisdiction
they fall. The return is to be filed as per the provisions of section
139(4A) and (4C) in the manner provided in section 139 of the Act.
Filing of Return Made Mandatory
The Finance Act, 2002 has inserted sub-section (4C) to section
139 making it mandatory for the organizations registered under section
10(21), 10(22B), 10(23A), 10(23B), 10(23C) etc.
Forms and Due Dates
All Organizations or Trusts are required to file the return in
Form No. 3A
(Click hehe) by the 30th September of the assessment year. The
return must be accompanied by an Audit Report in Form
10B (click here) prescribed under Rule 17B of the Income-Tax
Rule, 1962.
Following documents need to be attached with return:
(i) Audit Report in Form 10B.
(ii) Balance Sheet.
(iii) Income and Expenditure Account.
(iv) Receipt and Payment Account.
(v) Copy of the Registration Certificate.
(vi) In case the organization has accumulated income, resolution
for accumulation.
(vii) Form 10 in which application for accumulation is made.
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