Trusts and NGOS Ready Reckoner (As Amended by Finance Act 2023)

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Description
Also Incorporating :
► Comprehensive analysis of the amendments made by the Finance Act 2023
► Law relating to registration and approval under Sections 12AB, 10(23C) and 80G
► Practical guide for filing registration applications in Form 10A and Form 10AB
► Scheme for taxation and computation of income of Trusts & NGOs
► Practical guide for filing audit reports in Form 10B/10BB and Form ITR-7
► Practical guide for filing statements of donations in Form 10BD
► Law relating to the taxation of Trusts & NGOs with flowcharts and illustrations
►Landmark rulings on all controversial issues
► Impact analysis of Supreme Court rulings in New Noble Educational Society and Ahmedabad Urban   Development Authority
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Contents

• 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)
  Appendices
  Appendix 1: Relevant Provisions of Income-tax Act, 1961
  Appendix 2: Relevant Rules of Income-tax Rules, 1962
  Appendix 3: Relevant Forms of Income-tax Rules, 1962
  

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Author Details
Dr. Manoj Fogla, LL.B., M.A. (Phil.), FCA, Ph.D.
Adv. (Dr) Manoj Fogla is a law practitioner and a fellow member of the Institute of Chartered Accountants of India. He holds a Bachelor's degree in Law and a Master's degree in Philosophy. He has also completed  PhD from Utkal University, Doctoral Research on Social Accountability Standards for NPOs. Dr Fogla has been practising on tax, legal and regulatory aspects of NPOs and Charitable Institutions for over three decades. He has been serving charitable and voluntary organizations in diversified sectors, including educational & religious institutions, civil society organizations, environmental agencies, international donor agencies, and several large corporate foundations. Dr Fogla has been providing a full range of services related to advisory, contract reviews, organizational restructuring, compliance management, and litigation support to Indian and international clients for their work in the charity domain.
CA. Suresh Kumar Kejriwal, M.Com., FCA, FCMA
Mr Suresh Kumar Kejriwal is a practising-chartered accountant and founder partner of M/s. Agarwal Kejriwal & Co., Chartered Accountants, Kolkata. He is mainly working in the NGO sector, and he has vast experience of more than 30 years. His professionals working areas include India, Bangladesh & Nepal. He is one of the Faculty of course on 'Diploma in Financial Management and Accountability' conducted by Tata Institute of Social Sciences, Mumbai (TISS) in partnership with Financial Management Services Foundation, Noida (FMSF). He has been the co-opted committee member for Co-operatives and NPO Sectors of the Institute of Chartered Accountants of India for 2013-14. He is one of the Associate Authors of the book "Taxation of Trusts & NGOs" by Taxmann. He is one of the persons involved in preparing the draft of FAQs for NPOs on GST published by the Committee for Co-operatives and NPO Sectors, the Institute of Chartered Accountants of India, New Delhi. He has facilitated many workshops/seminars organized by various institutions and the Institute of Chartered Accountants of India as a resource person on the NGO sector's topics.
CA. Tarun Kumar, B.com., FCA, DIIT-ICAI
Tarun Kumar is a Fellow Chartered Accountant. His core practice area is advisory, litigation and compliances in Income-tax matters. He has been an advisor to various start-ups & NGOs in their set-up and tax function. He co-authored a book titled ‘Trusts and NGOs Ready Reckoner - A Practice Guide for Professionals’. He has also contributed to the ‘Master Guide to Income Tax Act’. He closely worked with the Research and Advisory department of Taxmann on various Income-tax related issues.