Taxmann Trusts and NGOs Ready Reckoner By Manoj Fogla ,Suresh kumar Kejriwal ,Tarun Kumar Edition April 2023

 1,570

This book explains the tax implications during the life cycle of a charitable trust. It also features extensive discussions of the provisions of the Income-tax Act and provides tutorials and guides on the filing for various Forms under the Act. This book is amended by the Finance Act 2023.

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Taxation of Trusts & NGOs By Manoj Fogla Edition April 2023

Taxation of Trusts & NGOs By Manoj Fogla Edition April 2023

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 of the provisions of the Income-tax Act, tutorials and guides on filing various forms under the Act.

This book is an essential resource for anyone interested in the legal landscape surrounding trusts & NGOs, containing a comprehensive collection of landmark rulings on all controversial issues.

The Present Publication is the 4th Edition and has been amended by the Finance Act 2023. This book is authored by Dr Manoj Fogla, CA Suresh Kumar Kejriwal & CA Tarun Kumar Madaan, with the following noteworthy features:

  • [Clear & Accessible Language] is followed throughout this book
  • [Analysis & Impact of Amendments] by the Finance Act 2023
  • [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] for the following:
  • Filing Registration Application in Form No. 10A and Form No. 10AB
  • Filing of Statements of Donations in Form No. 10BD
  • Filing of Audit Reports in Form 10B and Form 10BB
  • [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
  • [Impact Analysis of Supreme Court Rulings] in the case of New Noble Educational Society [2022] 143 taxmann.com 276 (SC) and Ahmedabad Urban Development Authority [2022] 144 taxmann.com 78 (SC)

The detailed contents of the book are as follows:

  • Introduction and Legal Framework of NGOs in India
  • Meaning of Charitable Purpose
  • Religious & Partly Religious Trust
  • Amendment of Trust Deed
  • Registration Scheme under Section 12AB
  • Registration of Trust 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 Donations in Kind
  • Treatment of Capital Gains
  • Treatment of Depreciation
  • Business Activity under Section 2(15)
  • Incidental Business under section 11(4A) and Business held as Trust Property under Section 11(4)
  • Options available for accumulation of Income
  • Specified Modes of Investments or Deposits under section 11(5)
  • Set-off & carry forward of past deficit
  • Source of Application of Income
  • 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
  • Practical Guide to Furnish Statement of Donations in Form 10BD
  • Tax Implication of CSR Expenditure
  • International Activities of NGOs Outside India
  • Maintenance of Books of Account
  • Requirement of Audit under Section 12A
  • Practical Guide to Upload Audit Report in Form 10BB
  • Practical Guide to Upload Audit Report in Form 10B
  • Requirement to Submit ITR under section 12A
  • Practical Guide to File Form ITR-7
  • Forfeiture of various Incomes under Section 13
  • Forfeiture – Charitable activity for a particular religious community or caste
  • Forfeiture – Benefit to Interested Person
  • Forfeiture – Violation Regarding Investment under Section 13(1)(d)
  • Forfeiture – Investment in Section 8 Company and Incubatee Companies
  • Overview and Fundamental Concepts of Exemption Scheme 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)
  • Practical Guide to Approval under section 10(23C)
  • Tabular Overview of Compliances under Section 10(23C)
  • Comparative Analysis under Sections 11 & 10(23C)
  • Mutual Societies
  • Exemption to Institutions notified under section 10(46) and 10(46A)

About the Author

Dr. Manoj Fogla, is a fellow member of the Institute of Chartered Accountants of India. He holds a Bachelor degree in Laws and also holds a Masters degree in Philosophy. He has also completed Ph.D. from Utkal University, Doctoral Research on Social Accountability Standards for NPOs. He specialises in legal, governance & finance issues related to voluntary organisations. He is consultant to various international funding agencies, voluntary organizations and corporate entities. He is an expert on taxation, FCRA, governance and accountabilities issues, he has evaluated and provided accompaniment support to more than 100 national and international NGOs in various parts of South Asia. He is the author and faculty of the Governance & Legal Modules of the e-based NGO management diploma degree run by Tata Institute of Social Sciences (TISS), Mumbai and Financial Management Service Foundation (FMSF), New Delhi. He is also the author and faculty of the dedicated e-based Governance course run by FMSF, India. He is actively engaged in providing experts and technical services on Legal, Governance and Finance issues in various parts of South Asia. He is also the principal author of the monthly governance news letter ?Governance and Disclosures? published by Credibility Alliance, India. This news letter can be downloaded from www.credibilityalliance.org. He is also the principal author of the fortnightly legal news letter ?Standards & Norms? on legal, governance and financial management issues published by FMSF, India. This news letter can be downloaded from www.fmsfindia.org.

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