Taxmann’s Trusts and NGOs Ready Reckoner – A Practice Guide for Professionals by Manoj Fogla – 2nd Edition May 2021

Taxmann’s Trusts & NGOs Ready Reckoner is a practice guide for professionals that features extensive commentary along-with landmark cases, guide on the new registration process & comparative analysis.

The Present Publication is the 2nd Edition, authored by Dr. Manoj Fogla, CA Suresh Kumar Kejriwal & CA Tarun Kumar, and amended by the following:

• The Finance Act 2021
• The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• The Income-tax (Sixth Amendment) Rules, 2021

The noteworthy features of this book are as follows:

• [Exhaustive Commentary] on the new procedure for registration and approval under Section 12AB, 10(23C) and 80G
• [Practical Guide to File New Forms for Registration and Approval] w.e.f. 01-04-2021
• [Comparative Analysis of Registration] under Section 12AB and approval under Section 10(23C)
• [Practical Guide to File Audit Report] in Form 10B and ITR-7
• [Flowcharts & Illlustrations] to explain the law relating to the taxation of NGOs
• [Landmark Cases] on all controversial issues
• [Tabular Overview] of the compliances

The detailed contents of the book are as follows:

• Introduction and Legal Framework of NPOs in India
• Meaning of Charitable Purpose
• Amendment of Trust Deed
• New Scheme of Registration under Section 12AB
• Registration under Section 12AB of the organisation formed without an instrument
• Practical Guide to Registration under Section 12AB
• Conditions for claiming exemption under Sections11 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 Capital Gains
• Depreciation
• Business Activity under Section 2(15)
• Incidental Business and Business held as Trust Property
• Options available for accumulation of income
• Set off & Carry Forward of Past Deficit
• Anonymous Donations
• Penal Taxation of NGOs
• Cancellation of Registration
• Tax on Accreted Income of NGOs
• Taxation when Exemption is withdrawn or Status is Lost
• Approval under Section 80G
• Practical Guide to Approval under Section 80G
• Tax Implication of CSR Expenditure
• International Activities of NGOs outside India
• Audit under Section 12A
• Practical Guide to Audit under Section 12A
• Submission of Income-tax Return
• Practical Guide to file Form ITR-7
• Forfeiture of various Incomes under Section 13
• Forfeiture – Charitable activity for a particular community
• 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 under Section 10(23C)
• Government Funded and Institutions up to aggregate INR 5 Crore Receipts under Section 10(23C)
• Exemptions and Conditions for Approval under Section 10(23C)
• Approval and Cancellation under Section 10(23C)
• Tabular Overview of Compliances under Section 10(23C)
• Comparative Analysis of section 11 with Section 10(23C)
• Practical Guide to Approval under Section 10(23C)
• Mutual Societies
• Issues Arising out of Income Tax (6th Amendment) Rules, 2021
• Religious & Partly Religious Trust

Details