A Trust Audit is an independent, statutory verification of a charitable or religious trust's financial records to ensure complete transparency, regulatory compliance, and fiscal health. Under the Income Tax Act, 1961, trusts enjoying tax exemptions are legally required to get their books audited by a practicing Chartered Accountant if their total income exceeds the basic exemption limit. This audit verifies that donations and trust funds are being utilized strictly for the objectives outlined in the trust deed, ensuring the trust retains its highly valuable tax-exempt status.
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