Nabhi's Formation and Management of a Trust Alongwith Tax Obligations (A Practical Handbook for Private, Charitable and Religious Trusts)(With Special Emphasis on Taxation of Trusts)

Including the New Tax Procedure and Compliances as per Finance Act, 2022
•    Formation
•    Registration
•    Management
•    Determination
•    investment of Funds
•    Tax Exemptions, Deductions, Computation of Income and Assessment
•    Specimen Deeds, Forms & Text of Relevant Laws with Special emphasis on Taxation of Trusts
............................................................................................................................
Description
Since the publication of the previous edition of the book, a number of significant changes have been made on the subject of taxation of charitable and religious trusts. The new procedure relating to grant of registration/ approval of trusts and its renewal along with the new forms has been put in place w.e.f. 1.4.2021. Recently, Finance Act, 2022 has imposed certain restrictions on application/ accumulation of income of charitable institutions. It shall be mandatory for such trusts to maintain their books of accounts in prescribed form and file their return of income, for the purpose of claiming exemption. In case any income is applied for the benefit of a specified person, or is invested otherwise than in specified forms or modes of deposit, exemption shall be denied in relation to such income only. No deduction in respect of any expenditure, allowance or set off of any loss shall be allowed for the purpose of computing taxable income of a charitable and/ or religious trust. In case any amount is applied to the objects of a trust out of corpus or loan/ borrowing, application of income shall be reckoned in the year such amount is ploughed back into corpus or loan/ borrowing is repaid out of income. Charitable/ religious trusts approved u/s 80G shall now be required to periodically report the particulars of donations received and issue donation certificate in prescribed form and manner. The provisions relating to taxation of accreted income have been extended to charitable institutions approved u/s 10(23C)(iv), (v), (vi) or (via) w.e.f. A.Y. 2023-24. There is no change in the rate of tax or surcharge in case of trusts. Besides, some important clarificatory circulars and notifications have also been issued. Incorporating the aforesaid and other changes and encouraged by the overwhelming response from our readers, we are now presenting the 26th revised edition of Nabhi's FORMATION & MANAGEMENT OF A TRUST alongwith TAX OBLIGATIONS 2022-23.Trusts are created for fulfilment of certain obligations, either of charitable or religious nature or of personal nature. A trust is the confidence reposed on certain persons who are entrusted with the requisite powers and responsibility to fulfil the objects specified by the author or settlor of the trust. The functions of a trust are administered by the instrument of trust and the laws governing trusts. Besides, there are special provisions for taxation of trusts; several exemptions are also provided under the Income-tax Act, for various types of trusts. The book in your hands provides complete information regarding trusts.
........................................................................................................................
Contents
Chapter 1:    Trusts – An Acquaintance
Chapter 2:    Types of Trust
Chapter 3:     Who can Form A Trust
Chapter 4:    Trustee
Chapter 5:    Beneficiary Under Trust
Chapter 6:    How to Form A Trust
Chapter 7:    Trust Deed                     
Chapter 8:    Registration
Chapter 9:    Management and Determination of Trusts
Chapter 10:  Investment of Trust Funds
Chapter 11:    Tax Exemption for Charitable or Religious Trust U/S 11 and 12
Chapter 12:    Tax Exemption for a Research Association U/S 10(21)
Chapter 13:    Tax Exemption for Educational Institutions U/S 10(23C) (iiiab), (iiiad) and (vi)
Chapter 14:    Tax Exemption for Hospitals and Medical Institutions 
                          U/S 10(32C) (iiiac) (iiiae), and (via)
Chapter 15:    Tax Exemption for Professional Associations U/S 10(23A)
Chapter 16:    Tax Exemption for Khadi or Village Industries Trust U/S 10(23B)
Chapter 17:    Tax Exemption for Approved Charitable or Public Religious U/S 10(23C) (iv) and (v)
Chapter 18:    Computation of Taxable Income of a Trust
Chapter 19:    Filing of Return and Payment of Advance Tax by Trusts
Chapter 20:    Assessment of Trusts
Chapter 21:    Advantages of Deduction from Income U/S 80G
Chapter 22:    Tax Planning Through Trusts
Chapter 23:    Muslim Wakfs
Appendix I :    The Indian Trusts Act, 1882
Appendix II:    The Religious Endowments Act, 1863
Appendix III:   The Charitable and Religious Trust Act, 1920
Appendix IV:   The Transfer of Property Act, 1882 (Text of Relevant Sections Only)
Appendix V:    The Indian Registration Act, 1908 (Text of Relevant Sections Only)
Appendix VI:   The Income Tax Act, 1961 (Text of Relevant Sections Only)
Appendix VII:  Suggested Reading Material for Trusts
.........................................................................................................................