Transparent Utilization. Strong Compliance. Protected Exemption.
Trusts operate on credibility. Every donation received carries an obligation—not just to beneficiaries, but to regulators.
A proper trust audit ensures funds are used correctly, records are accurate, and compliance is maintained under the Income Tax Act.
At N D Savla & Associates, we go beyond basic audit—we ensure your trust remains compliant, transparent, and fully eligible for tax exemptions.
What is Trust Audit?
Trust audit involves detailed examination of financial records, application of income, and compliance with Sections 11, 12, and other applicable provisions.
It ensures that income is applied for charitable purposes and disclosures are correctly made in audit reports like Form 10B or 10BB.
- Verification of income and application of funds
- Review of donation receipts and records
- Compliance with tax provisions
- Related party transaction checks
- Preparation and filing of audit reports
Who Requires Trust Audit?
- Charitable trusts
- Religious trusts
- NGOs and Section 8 organizations
- Trusts claiming exemption under Sections 11 & 12
Documents Required
- Books of accounts and ledgers
- Trust deed and registration certificates
- Donation records and receipts
- Bank statements
- Financial statements
Risks of Improper Audit
- Loss of tax exemption
- Penalty and notices
- Disallowance of expenses
- Regulatory scrutiny
Trust Audit Process
- Understanding trust activities
- Review of financial records
- Compliance verification
- Identification of discrepancies
- Preparation and filing of audit report
Why Choose N D Savla & Associates?
Trust-Specific Expertise
Deep understanding of NGO and charitable compliance.
Exemption Protection
Ensuring compliance to safeguard tax benefits.
Practical Guidance
Actionable insights beyond audit reporting.
Frequently Asked Questions
What is trust audit?
It is an audit of trust accounts to ensure compliance and proper use of funds.
Is audit mandatory for trusts?
Yes, if they claim exemption and cross prescribed limits.
Which forms are used?
Form 10B or 10BB depending on applicability.
What documents are required?
Books, trust deed, donation records, and financial statements.
Which firm is best for trust audit?
N D Savla & Associates provides reliable trust audit services.