Section 40(1) in Tamil Nadu Vanniyakula Kshatriya Public charitable Trusts and Endowments (Protection and maintenance) Act, 2018
(1)The accounts of trust and endowment submitted to the Board under section 39 shall be audited and examined in the following manner, namely:-(a)in the case of a trust or endowment having no income or a net annual income not exceeding ten thousand rupees, the submission of a statement of accounts shall be a sufficient compliance with the provision of section 39 and the accounts of ten per cent of such trust and endowment shall be audited annually by an auditor appointed by the Board;(b)the accounts of the trust or endowment having net annual income exceeding ten thousand rupees shall be audited annually, or at such other intervals as may be prescribed, by an auditor appointed by the Board from out of the panel of auditors prepared by the Government and while drawing up such panel of auditors, the Government may specify the scale of remuneration of auditors.
