This book is an exhaustive updated commentary on the provisions of Income Tax Act, 1961 (including changes made as per Finance Act, 2016), Companies Act 2013, amended provisions of Foreign Contribution (Regulation) Act, 2010 for Charitable trusts or Institutions, NGOs and NPOs. This would be a useful reference for tax and accounting professionals associated with these institutions. This book helps the professionals and staff of these institutions in their day-to-day activities as all tax and regulatory provisions are given in-depth coverage. Complex situations are explained with supporting case laws and illustrative examples.
- New Chapter on Accreted Income- Tax on charitable Trust or institution when it ceases to exist
- New Chapter on Surplus is a bar to claim exemption for Charitable or Religious Trust or Institution under Income Tax Act, 1961?
- Changes as per Finance Act, 2016 incorporated
- Updated to cover necessary provisions of the Companies Act, 2013.
- Chapter on Corporate Social Responsibility (CSR)
- Updated to cover amended provisions of Foreign Contribution (Regulation) Rules, 2011 and FCRA Forms.
- Detailed discussion on the formation of trusts/societies/section 8 Companies
- Discussion on how to compute income of trusts or institutions with specific examples
- Broad insights on ‘principle of mutuality’ with examples
- Overview of Accounting Standards with accounting policies as applicable to charitable trusts or institutions.
- Detailed discussion on voluntary contributions, corpus donations, anonymous donations and capital gains with supporting case laws and illustrative examples.
- Provisions of Foreign Contribution (Regulation) Act, 2010 with frequently asked questions.
- Activities of charitable trusts, institutions, NGOs and NPOs in India and outside in the form of Branch Offices and Liaison Offices
- Covers important CBDT circulars, notifications and instructions as applicable to charitable trusts or institutions
- Provides specimen of trust deeds, bye-laws of societies and MoA & AoA of section 8 Companies.
- Recap at the end of each chapter giving a bird’s eye view.
- Comprehensive practical illustrations of complex topics for better understanding.
About the Author
Dr. N. Suresh is a Graduate in Commerce from Bangalore University and a Fellow Member of the Institute of Chartered Accountants of India. He did his PhD on the following subjects:
i) Taxation system and practices in India
ii) NGOs, NPOs, legal systems and practices in India