Annual Accounts Submission
Audited accounts in the prescribed schedules, the contribution computed correctly, and figures that agree with the trust's income tax return.
Every registered public trust must have its accounts audited and file the audited balance sheet and income and expenditure account with the Charity Commissioner, generally within six months of the end of its accounting year, in the schedules prescribed under the Maharashtra Public Trusts Rules. The contribution under Section 58 is computed on gross annual income after the deductions the Act permits, and the whole filing is separate from the trust's income tax return in Form ITR-7.
What our annual accounts service covers
Preparation, audit coordination, contribution and filing.
- Preparation of accounts in the prescribed Schedule VIII and IX formats
- Coordination with the auditor and resolution of audit observations
- Computation of the contribution payable under Section 58
- Filing the audited statements with the Charity Commissioner
- Reconciling the trust's accounts with its income tax return in ITR-7
- Clearing backlogs where accounts for earlier years remain unfiled
What the annual filing consists of
Four pieces that have to agree with each other.
Balance sheet
Prepared in the prescribed schedule, showing corpus, funds, liabilities and the trust's assets including immovable property.
Income and expenditure
The prescribed income and expenditure account, distinguishing corpus receipts from income applied to objects.
Audit report
The auditor's report in the prescribed form, dealing with the specific matters the rules require to be reported on.
Contribution
The Section 58 levy computed on gross annual income after permissible deductions, and paid before or with the filing.
Our process
An annual cycle with a six-month window.
Books finalisation
Closing the trust's books, with corpus, restricted grants and object-wise application properly separated.
Schedule preparation
Recasting the accounts into the prescribed schedules, which do not follow ordinary commercial formats.
Audit
Coordinating the audit and resolving observations before the report is signed.
Filing and contribution
Submitting to the Charity Commissioner and paying the contribution due.
Where trusts get the accounts wrong
What sets our approach apart.
Corpus and income get mixed
Treating a corpus donation as income, or vice versa, distorts both the contribution computation and the trust's income tax position.
The schedules are not commercial formats
Accounts prepared in an ordinary balance sheet format have to be recast, and offices do reject filings that ignore the prescribed schedules.
Two filings, one set of numbers
The Charity Commissioner submission and ITR-7 should reconcile; where they do not, the difference is difficult to explain later.
Annual Accounts Submission questions answered
What people ask before engaging us.
Accounts unfiled for one year or several?
We will assess the backlog and the contribution exposure before starting the audit.
