Trusts & NGOs Income Tax Ready Reckoner 2022 I Taxmann’s

By | May 19, 2022
(Last Updated On: May 19, 2022)

Taxmann’s Trusts & NGOs Ready Reckoner – Practical commentary on the tax implications during the life cycle of Charitable Trusts & NGOs with various tutorials & guides [Finance Act 2022 Edition]

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This book explains the tax implications during the life cycle of a charitable trust, starting from incorporation, registration, maintenance of books of account, scheme of taxation, computation of income, filing of the income-tax return, audit report, cancellation of registration, forfeiture of exemption, etc.

It contains an extensive discussion on the provisions of the Income-tax Act, tutorials and guides on the filing of various forms under the Act.

The Present Publication is the 3rd Edition, authored by Dr Manoj Fogla, CA Suresh Kumar Kejriwal & CA Tarun Kumar. This book is amended by the Finance Act 2022 with the following noteworthy features:

  • [Analysis & Impact of Amendments] by the Finance Act 2022
  • [Exhaustive Coverage of the Registration & Approval Process] under the following Sections:
    • Section 12AB
    • Section 10(23C)
    • Section 80G
  • [Explanation to the Scheme of Taxation & Computation of Income] of NGOs
  • [Practical Guide to File Registration Application] in Form No. 10A and Form No. 10AB
  • [Guide to Filing of Statements of Donations] in Form No. 10BD
  • [Flowcharts & Illustrations] explaining the law relating to the taxation of NGOs
  • [Landmark Rulings] on all controversial issues
  • [Tabular Overview of Compliances] has been provided in this book

The detailed contents of the book are as follows:

  • Introduction and Legal Framework of NPOs in India
  • Meaning of Charitable Purpose
  • Religious & Partly Religious Trust (New)
  • Amendment of Trust Deed
  • New Scheme of Registration under Section 12AB
  • Registration under Section 12AB of the Organization Formed without an Instrument
  • Practical Guide to Registration under Section 12AB
  • Conditions for claiming exemption under Sections 11 and 12
  • Scope of Income under Section 11
  • Application of Income
  • Scheme of Taxation and Computation of Income
  • Corpus Donation
  • Inter-charity Donations
  • Project Grants whether Income
  • Implications of Section 2(24)(xviii) on Grant and Corpus Donation
  • Treatment of Capital Gains
  • Depreciation
  • Business Activity under Section 2(15)
  • Incidental Business and Business held as Trust Property
  • Options available for accumulation of Income
  • Set-off & carry forward of past deficit
  • Anonymous Donations
  • Penal Taxation of NGOs
  • Cancellation of Registration
  • Tax on Accreted Income of NGOs
  • Taxation when Registration Status is Lost
  • Approval under Section 80G
  • Practical Guide to Approval under Section 80G
  • Tax Implication of CSR Expenditure
  • International Activities of NGOs outside India
  • Requirement of Audit under Section 12A
  • Practical Guide to upload Audit Report in Form 10B
  • Submission of Income-tax Return
  • Practical Guide to file Form ITR-7
  • Forfeiture of various Incomes under Section 13
  • Forfeiture – Charitable activity for a particular community
  • Forfeiture – Benefit to Interested Person
  • Forfeiture – Violation Regarding Investment under Section 13(1)(d)
  • Forfeiture – Investment in Section 8 Company and Incubatee Companies
  • Fundamental Concepts under Section 10(23C)
  • Government Funded and up to INR 5 crore Annual Receipt Institutions
  • Exemptions and Conditions for Approval under Section 10(23C)
  • Approval and Cancellation under Section 10(23C)
  • Tabular Overview of Compliances under Section 10(23C)
  • Comparative Analysis under Sections 11 & 10(23C)
  • Practical Guide to Approval under Section 10(23C)
  • Mutual Societies
  • Maintenance of books of accounts

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