Non-profit sector is increasingly gaining importance in India as it supports and supplements the developmental work of government for the sake of common man, much more efficiently and cost effectively than the government itself. Not-for-Profit Organisation (NPO) popularly known as Non-Governmental Organisation (NGO), may be incorporated as a society, a trust, a company, a club, an association or an institution, as the case may be.
The present book aims at providing a comprehensive, unique and most up to date, treatise on the subject covering inter alia almost all aspects of NGOs/NPOs like Formation, Registration, Procedural Compliances, Taxation, Accounting Treatment, Disclosure Requirement, Audit and even Service Taxation.
The concept of incorporation and working of an NGO/NPO is fairly complex as it may be governed by a number of statutes. With a view to make it simple and to appreciate this rather a complex subject with full clarity, the book is divided in Seven Parts.
Part I is Introductory comprising Four Chapters.
Part II dealing with Entity Specific Forms of NGOs/NPOs With Attendant Consequences is divided in Six Sections, namely :
Part III dealing with Incomes of NGOs/NPOs Sources, Exemption, Computation and Taxation is also divided in three Sections namely :
Part IV titled Tax Benefits Available to Donors or Contributors to NGOs/ NPOs comprises Six Chapters pertaining to various tax benefits available under the Income Tax Act, to the donors and contributors of NGOs/NPOs.
Part V dwelling on the Various Obligations of NGOs/NPOs Under Income Tax Act comprises Four Chapters, throwing light on obligations like, obtaining of PAN/ TAN, TDS, Filing of Return of Income, etc.
Part VI deals with Accounts by, and Audit of, NGOs/NPOs and is further divided in Five Sections namely :
Part VII is devoted to Service Taxation of NGOs/NPOs. It comprises Four Chapters pertaining to various obligations of an NGO/NPO under the current service tax regime.
The present book thus enjoys sufficient edge over all other publications on the related topics in terms of thoroughness and comprehension, leaving as a matter of fact no need of material of any other sort. It is only one of its kind providing the most sumptuous and up-to-date coverage of the related subject-matter. In fact, this is a book of immense practical utility for practising Chartered Accountants, Company Secretaries, Tax Practitioners, NGO functionaries and Trustees who will find it pleasingly helpful in their work for it will enable them to fully appreciate the conceptual and practical treatment of the issues before them and help them in meeting out their obligations as they come by.
We feel, we have given our very best. We have certainly tried for it. However, despite our painstaking efforts and indepth analysis having gone into the making of this book, possibility of certain short-comings creeping up cannot be ruled out. Therefore, we solicit creative feedback from our learned readers, bringing to our notice any mistakes, errors, omissions or discrepancies that might still have found place, despite our sincere efforts at avoiding them. This will be most welcome no doubt and will be studied, examined and incorporated with the attention they would deserve in the forthcoming editions.
Along with the assessment year 2016-17 Supplement beginning with the next page, this product will be useful for whole of the assessment year 2016-17. A further update based on the Finance Act, 2016 and the Case law and Circulars, Notifications, etc. available till November 2016 will be provided via website Support in the month of December 2016, thereby making this product fully relevant and useful for whole of the assessment year 2017-18 as well.