Its an mportant compliance in February for Charitable Trusts in Maharashtra.

Section 31A of the Maharashtra Public Trusts Act, 1950 mandates submission of Annual Budget at least one month before the commencement of each accounting year.

Accordingly, the trust which has annual income exceeding Rs. 5,000.00 in case of trust for public religious purpose, & Rs. 10,000.00 in other cases shall be required to submit the budget in the form of Schedule VII-A as per Rule 16A of Bombay Public Trust Rules, 1951.

It is important to note here that filing of budget is a reportable matter for auditors under Rule 19(1)(n) of the Bombay Public Trust Rules, 1951.