Taxmann Charitable Trusts Cutting Through The Complexity By The Goods & Services Tax Practitioners’ Association of Maharashtra, Premal Gandhi Edition October 2023

Taxmann Charitable Trusts By Premal Gandhi Edition 2023

Taxmann Charitable Trusts By Premal Gandhi Edition 2023

Description

This book provides a comprehensive overview of the current landscape of taxability governing charitable trusts, which includes:

• Taxation & Tax Exemptions
• Financials and Regulating Reporting
• Fund Raising & their Compliances

It aims to make its reader aware of the various provisions without using complex legal jargon. All efforts have been made to present the provisions clearly and understandably. This book incorporates the dynamic amendments and court rulings over the last few years that have impacted the functioning of charitable trusts.

This book will be helpful for NGO leaders, finance professionals, and anyone interested in the taxation aspect of the non-profit sector.

The Present Publications is the latest 2023 edition and has been amended up to October 2023. This book is authored by CA Premal Gandhi and published by Taxmann for The Goods and Services Tax Practitioners’ Association of Maharashtra. The detailed contents of this book are as follows:

• Introduction
• Comparative analysis of various salient features of a Trust, Society & Section 8 of Companies Act, 2013
• Definitions, Rights, Duties & Liabilities of a Settlor/Author, Trustee & Beneficiaries
• Provisions applicable to the Charitable Trusts under the Income-tax Act, 1961 for maintenance of books of account and other document
• Amendment of the Trust Deed
• Application of Income
• Corpus Donation and Inter-Charity Donation
• Modes available for Accumulation of Income
• Specified modes of Investment or Deposit under section 11(5) of the Income-tax Act, 1961
• Anonymous Donations
• Penal Taxation of NGO’s
• Summary of Penal Tax Rates
• Forfeiture of various exemptions granted
• Cancellation of Registration
• Tax on Accreted Income of NGO’s
• Tax Implications of CSR Expenditure
• Statement of Donations to be filed by Donee Trust [Form 10BD]

About the author

About the author

The Goods & Services Tax Practitioners’ Association of Maharashtra

The Goods & Services Tax Practitioners’ Association of Maharashtra (formerly known as The Sales Tax Practitioners’ Association of Maharashtra/STPAM) is a State-level body of Sales Tax Practitioners’ established in 1951. The Association has its membership spread all over the State of Maharashtra. It comprises of Tax Practitioners and other professionals such as Chartered Accountants, Cost Accountants, Company Secretaries and Advocates practising in GST, VAT, Service tax and allied laws. The Association has Regional Centres at district places to cater to the needs of members practising in various districts of Maharashtra.

The STPAM, now renamed GSTPAM, is governed by its constitution, registered with the Charity Commissioner, and under the Societies Act. The elected President, Officer Bearers and 15 members of the Managing Committee conduct the activities of the Association.

Its main objective is to educate the public in general and the members in particular on Indirect Taxes operative in the State of Maharashtra and the whole of India.

The STPAM has produced stalwarts like Late R. V. Patel, Late N. C. Mehta, Late B. C. Joshi, P. V. Surte, S. S. Gaitonde, P. C. Joshi, T. M. Chhatpar and Late J. K. Sheth, to name a few. Under their guidance, the Association is confidently marching ahead to achieve its objectives. The young generation is taking over the leadership gradually from them, and these stalwarts, in turn, have reposed their complete trust in the young administration.

With the advent of GST, the Association, now known as the GST Practitioners’ Association of Maharashtra, has started spreading awareness and knowledge on GST and has taken a giant leap into the goods and service tax arena for educating its members.

Lastly, whenever our motherland faces natural calamities or neighbours’ aggression, the association is always at the forefront to render monetary help.

Read Less

Premal Gandhi

Premal Gandhi, with over fifteen years of expertise, including time at a top-tier accounting firm, leads the Audit & Assurance division of PGS & Associates (Chartered Accountants).

He manages reviews and due diligence for companies spanning various sectors and sizes, from start-ups to major corporations. He has skillfully developed and provided professional services in crafting systems for internal controls and efficient MIS reporting.