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A Practical Approach to Taxation and Accounting of Charitable Trusts, NGOs and NPOs

A Practical Approach to Taxation and Accounting of Charitable Trusts, NGOs and NPOs

  • ₹2,895.00

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  • Author(s): CA N. Suresh
  • Brand: CCH / Wolters Kluwer (India) Pvt Ltd
  • Edition: 6 Ed 2020
  • ISBN 13 9789389859386
  • Approx. Pages 1724 + Contents
  • Format Hardbound
  • Approx. Product Size 24 x 16 cms
  • Delivery Time Normally 7-9 working days
  • Shipping Charge Extra (see Shopping Cart)

Updated with amendments made by the Finance Act, 2020
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Covering
»    Finance Act 2020
»    New Procedure for Registration and Renewal of Trust or Institution u/s 12AB & 80G
»    Corporate Social Responsibility
»    Audit requirements & Reporting
»    Updated Provisions of Companies Act, 2013
»    Amendment Provisions  of Foreign Contribution (Regulation) Act, 2010
»    New Chapters added - Proviso to Section 2(15) - Restriction on Trade, Business,
      Commerce, Conditions for applicability of Section 11 and 12, Capitation Fees.
»    Details Discussion on Goods & Services Tax - Applicability to Charitable Trusts or Institutions
»    More Case Laws Provided
»    Formation, Registration, Procedural Compliances, Assessments
»    Taxation with Practical Illustrations of Complex Topics
»    Basics of Accounting, Accounting Treatments, Disclosures, Policies and Practical Aspects
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Description
This book is an updated and exhaustive commentary on the provisions of Income Tax, 1961 (including changes made as per Finance Act, 2020), Companies Act, 2013, amended provisions of Foreign Contribution (Regulation) Act, 2010 for Charitable Trusts or Institutions, NGOs and NPOs. This would be a useful reference for tax and accounting professionals associated with these institutions. This book helps the professionals and staff of these institutions in their day-to-day activities as all tax and regulatory provisions are given in-depth coverage. Complex situations are explained with supporting case laws and illustrative examples.
Key Features
•     Changes are Finance Act, 2020 incorporated
•     New procedure for Registration are Renewal of Trust or Institution u/s 12AB & 80G
•     New Chapters on proviso to section 2(15)- Restriction on Trade, Business, Commerce,
       Conditions for applicability of section 11 and 12, Capitation Fees.
•     Separate Chapter on Goods 7 Services Tax - Applicability to Charitable Trust or Institutions
•     Form No. 10B - Audit Report - Audit of Accounts of Charitable Trust or Institutions,
       reporting requirement inter-alia each components thereon exhaustively covered  with
       practical issues.
•     Updated to cover necessary provisions of the Companies Act, 2013
•     Covers Corporate Social Responsibility (CSR) and Accreted Income Tax on Charitable Trust
       or Institution when it ceases to exist.
•     Detailed  discussion on Surplus - is it bar to claim exemption for Charitable or Religious
       Trust or Institution under Income Tax Act, 1961?
•     Provisions of Foreign Contribution (Regulation) Act, 2010 with frequently asked questions
•     Discussion on the formation of trusts/societies/section 8 companies
•     Computation of Income of trusts or institutions with specific examples
•     Broad insights on 'principles of mutuality' with examples
•     Overview of Accounting Standards with accounting policies as applicable to charitable
       trusts or institutions
•     Detailed discussion on voluntary contributions, corpus donations, anonymous donations
       and capital gains with supporting case laws and illustrative examples
•     Activities of charitable trusts, institutions, NGOs and NPOs in India and outside in the
       form of Branch Offices and Liaison Offices
•    Covers important CBDT circulars, notifications and instructions as applicable to
      charitable trusts or institutions
•    Specimen of trust deeds, bye-laws of societies and MOA & AOA of section 8 companies
•    Comprehensive practical illustrations of complex topics for better understanding
Contents
Division I : Role of NGOs & NPOs

Chapter 1       Significant Role of NGOs, NPOs in India
Division II : Transfer of Income without Transfer of Assets
Chapter 2       Applicability of Sections 60 to 63—Transfer of Income without
                       Transfer of Assets
Division III : Charity and Charitable Purpose
Chapter 3       Charity
Chapter 4       Charitable Purpose
Chapter 5       Relief of the Poor
Chapter 6       Education and Medical Relief
Chapter 7       Advancement of Any Other General Public Utility
Chapter 7A    Proviso to Section 2(15) - Registration on Trade, Business, Commerce
Division IV : Formation and Management
Chapter 8       Basics on Formation of Trust or Society or Section 8 Company
Chapter 9       Formation of a Trust
Chapter 10     Formation of a Society
Chapter 11     Formation of Section 8 Companies
Division V : Registration and Procedure for Registration
Chapter 11A   Conditions for Applicability of Sections 11 and 12
Chapter 12     Registration of Trusts Under Section 12A
Chapter 13     Procedure for Registration of Trust or Institution under Section 12AA
Division VI : Breach of Trust and Rectification of Trust Deed
Chapter 14     Breach of Trust
Chapter 15     Rectification or Amendment of Trust Deed
Division VII : Income and Application of Income
Chapter 16     Limbs of Section 11
Chapter 17     Trust Property
Chapter 18     Legal Obligation — Trust Includes Legal Obligation
Chapter 19     Income of Charitable or Religious Trusts or Institutions
Chapter 20     Application of Income
Chapter 21     Prescribed Mode of Investment [Section 11(5)]
Chapter 22     Accumulation of Income
Chapter 23     Filing of Form 9A and Form 10
Chapter 24     Depreciation
Chapter 25     Consequences of Failure under Section 11(1B), 11(3) and 11(3A)
Division VIII : Forfeiture of Exemptions
Chapter 26     Overview of Forfeiture of Exemption
Chapter 27     Person Specified under Section 13(3
Chapter 28     Forfeiture of Exemption-I
Chapter 29     Forfeiture of Exemptions-II, Failure to Invest in a Mode Specified
Chapter 30     Forfeiture of Exemption-Ill, Income or Property of the Trust Applied for Specified Persons
Chapter 31     Deemed Restricted User [Section 13(2)(a)-13(2)(h)]
Division IX : Voluntary Contributions (Donations)
Chapter 32     Voluntary Donations
Chapter 33     Voluntary Contributions (Donations) Corpus Donations
Chapter 34     Voluntary Contribution — Anonymous Donation
Division X : Business Held in Trust
Chapter 35     Business Held under Trust — Section 11 (4)
Chapter 36     Exemption of Business Income under Section 11(4A)
Division XI : Donor's Benefit
Chapter 37     Section 80G Donations
Chapter 38     Donations for Eligible Projects or Schemes
Chapter 39     Inter-Charity Donations
Chapter 40     Identity of Donor
Division  XII : Capital Gains for Charitable Trusts or Institutions
Chapter 41     Capital Gains of Charitable or Religious Trusts or Institutions
Chapter 42     Case Studies in Computation of Capital Gains
Division XIII : Method of Accounting, Audit of Accounts of Charitable Trust,
                          Assessment of Charitable Trusts or Institutions
Chapter 43     Basis of Accounting and Accounting Aspects
Chapter 44     Accounting Standards Applicable to NPOs, NGOs, Charitable Trusts or Institutions
Chapter 45     Audit of Accounts of Charitable Trusts or Institutions
Chapter 46     Permanent Account Number
Chapter 47     Tax Deduction Account Number
Chapter 48     Filing Return of Income
Chapter 49     Assessment of Charitable Trusts or Institutions.
Chapter 50     Principle of Mutuality
Chapter 51     Assessment of AOP/BOI
Division XIV : Taxation
Chapter 52     Taxation of Charitable or Religious Trusts or Institutions
Chapter 52A   Accreted Income - Tax on Charitable Trust or Institution when it
                         Ceases to Exist
Chapter 52B   Surplus is a Bar to Claim Exemption for Charitable or Religious Trust or
                          Institution under Income Tax Act, 1961?
Chapter 52C    Capitation Fees
Chapter 53     How to Compute Income of Charitable or Religious Trusts or Institutions
Chapter 54     Set Off and Carry Forward of Losses
Chapter 55     Wealth Tax Act, 1957, Relating to Charitable Trusts or Institutions.
Division XV : Income Excluded
Chapter 56A   Income of University or Other Educational Institutions under Section 10(23C)
Chapter 56B   Income of Hospital or Other Institutions under Section 10(23C
Chapter 57     Requirements as per Provisos to Section 10(23C) Applicable to Educational
                         and Medical Institutions
Chapter 58     Excluded Income and Agricultural Income
Chapter 59     Project Grants, Grants-in-aid - Accounting and Disclosures
Division XVI : Corporate Governance
Chapter 60     Corporate Governance
Chapter 61     Meetings and Resolutions
Division XVII : FCRA, International Activity, Liaison and Branch Office
Chapter 62     Foreign Contribution (Regulation) Act, 2010
Chapter 63     Frequently Asked Questions (FAQs) on FCRA and Related Matters
Chapter 64A   Foreign Trust and Activities in India
Chapter 64B   Foreign Trust and International Activity
Chapter 65      Liaison and Branch Office of Foreign Trust or Institution - Activities in India
Division XVIII : Important Circulars, Acts
Chapter 66     Important CBDT Circulars
Chapter 67     Societies Registration Act, 1860
Chapter 68     The Charitable Endowments Act, 1890
Chapter 69     Charitable and Religious Trust Act, 1920
Chapter 70     The Indian Trusts Act, 1882
Chapter 71     Prevention of Money Laundering Act, 2002 (PMLA)
Division XIX : Specimen of Deeds
Chapter 72     Specimen of Trust Deed
Chapter 73     Specimen of Memorandum and Bye-Laws of Society
Chapter 74     Specimen of Memorandum and Articles of Association of Section 8 Company
Division XX : Service Tax and Corporate Social Responsibility
Chapter 75     Service Tax Applicability to Charitable Trusts or Institutions
Chapter 75A   Goods & Services Tax Applicability to Charitable Trusts or Institutions
Chapter 76     Corporate Social Responsibility
Table of Cases
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Author Details
CA(Dr.) N Suresh is a Graduate in Commerce from Bangalore University and a Fellow Member of the Institute of Chartered Accountants of India. He did his PhD on the following subjects:
i)    Taxation system and practices in India
ii)   NGOs, NPOs, legal systems and practices in India
He has authored few books and several articles on varied topics relating to corporate laws and taxation.
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