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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Description
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