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Law and Procedure on Charitable Trusts and Religious Institutions (An Indispensable Guide Relating to Tax and other Matters for Voluntary Agencies) 2017-18 (A.Y.2018-19)

Law and Procedure on Charitable Trusts and Religious Institutions (An Indispensable Guide Relating to Tax and other Matters for Voluntary Agencies) 2017-18 (A.Y.2018-19)

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Description
Law on charities is never stationary with amendments in every Finance Act and the constant outpourings of precedents from the Courts and the Tribunal often materially upsetting what was hitherto understood as settled law. It is for this reason, that the management of a charitable trust or institution has always to be alert, so as to retain the valuable right to exemption. The Finance Act, 2017 has among the many amendments made one of which places restriction on eligibility for income utilised for charitable purposes on contributions towards corpus made by one exempt institution to another, which was thus far treated as application for charitable purpose, but no longer treated as eligible for inference of application/utilisation of income for charitable purpose under section 10(23C) by addition of nineteenth proviso. Identical amendment is made by way of Explanation 2 to section 11 for application to charities  exempt under section 11 as well.
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Contents
1.  Charitable Objects - I
2.  Charitable Objects - II
3.  Charitable Objects - III
4.  Objects which are not charitable
5.  Property held under legal obligation
6.  Form of organisations
7.  Modalities for creation of Trust
8.  Trust Deed - Essentials in the document
9.  Rectification of Deeds
10. Income of a Charitable Institution
11. Application of Income
12. Accumulation of Income
13. Circulars and Precedents on Application/Accumulation
14. Charity and Business — Some Instances - I
15. Charity and Business — Some Instances - II
16. Charities and Capital Gains
17. Permissible Investments
18. Registration
19. Public Institutions v. Private Benefits - an overviews
20. Forfeiture of Exemption - I
21. Forfeiture of Exemption - II
21A.Exempt Income Brought Back for Tax as Accreted Income
22. Scientific Research Associations
23. Public Institutions/Sections 10(22), 10(22A) and 10(23C) – I
24. Public Institutions/Sections 10(22), 10(22A) and 10(23C) - II
25. Public Institutions/Sections 10(22), 10(22A) and 10(23C) - III
26. Other Public Institutions exempt under Section 10
27. Charities and Donors
28. Assessment Procedure
29. Charities and Wealth Tax
30. Miscellaneous Issues
31. Public Religious Trust — Some Issues
32. Charities and TDS
33. Charities and Foreign Contributions (Regulation) Act, 1976.
34. Charities and Foreign Trade (Development and Regulation) Act, 1992
Annexure
I.  Model Deed of Declaration of a Public Religious Trusts
II. Model Deed of Composite Trust
III. Model Deed of Medical Trust
IV. Model Deed of Educational Trust Created by a Registered Society for
    Benefit of Scheduled Caste and Tribes and Backward Classes
V. Draft deed of Declaration of Trust Education Trust
VI. Circulars
Subject Index

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Author Details
S. RAJARATNAM,
MA, LL.M., F.C.M.A., (born on 15.6.1928) formerly of Indian Revenue Service, retired as Accountant Member of Income-tax Appellate Tribunal in 1985. During his service, he was deputed to Srilanka as Tax Expert and to Government of Tamil Nadu as Member of Sales-tax and Agricultural Income-tax Appellate Tribunals. He is a columnist for a bi-monthly column "Landmark Cases" in Income Tax Reports, "Notes and Comments" in ITR's Tribunal Tax Reports and a monthly column for Management Accountant. He has authored several books, among which are "Tax Management","Tax Valuation", "Corporate Taxation", "Transfer Pricing" and "Landmark Cases" by Company Law Institute of India Pvt. Ltd. Chennai and "Tax Planning" published by Bharat Law Publications, Jaipur, besides books on MAT, Charities and Double Tax Avoidance Agreements published by Snow White Publications Pvt. Ltd. Mumbai. He has also revised Sampath lyengar's "Law of Income Tax" (11th Edition in 8 Volumes).
M. Natarajan, B.A. (Hons.), B.L., (I.R.S. Retd.), after 6 years in State Service, joined the Indian Revenue Service, [Income-Tax] in the year 1966. He worked at various places in Tamil Nadu, Andhra Pradesh and West Bengal. He retired from service as Joint Commissioner of Income-Tax from Calcutta. He has assisted in several publications of tax treatises by his co¬author S. Rajaratnam.
C.P. Thangaraj, B.A., (Late), a retired Income-tax Officer, tax consultant and a public worker was devoted to public causes relating to social and political problems of the under-privileged. He had widely travelled in U.K., U.S.A., France, Switzerland, Germany, Denmark, Singapore, Malaysia and Philippines on study tours. He was the co-author of many reports submitted to the national and international religious organisations and administrative and financial matters. He was a recipient of the Degree of Doctor of Divinity (honoris causa) from the Academy of Ecumenial Indian Theology and Church Administration. He has contributed handsomely to the earlier editions sharing his experience in matters of public charitable institutions, while in the Income-Tax Department and after retirement.
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