Description
Taxmann Publications Trusts and NGOs Ready Reckoner 3rd Edition 2022 by Manoj Fogla and Suresh Kumar Kejriwal and Tarun Kumar
This book explains the tax implications during the life cycle of a charitable trust, starting from incorporation, registration, maintenance of books of account, scheme of taxation, computation of income, filing of the income-tax return, audit report, cancellation of registration, forfeiture of exemption, etc.
It contains an extensive discussion on the provisions of the Income-tax Act, tutorials and guides on the filing of various forms under the Act.
The Present Publication is the 3rd Edition, authored by Dr Manoj Fogla, CA Suresh Kumar Kejriwal & CA Tarun Kumar. This book is amended by the Finance Act 2022 with the following noteworthy features:
[Analysis & Impact of Amendments] by the Finance Act 2022
[Exhaustive Coverage of the Registration & Approval Process] under the following Sections:
Section 12AB
Section 10(23C)
Section 80G
[Explanation to the Scheme of Taxation & Computation of Income] of NGOs
[Practical Guide to File Registration Application] in Form No. 10A and Form No. 10AB
[Guide to Filing of Statements of Donations] in Form No. 10BD
[Flowcharts & Illustrations] explaining the law relating to the taxation of NGOs
[Landmark Rulings] on all controversial issues
[Tabular Overview of Compliances] has been provided in this book
The detailed contents of the book are as follows:
Introduction and Legal Framework of NPOs in India
Meaning of Charitable Purpose
Religious & Partly Religious Trust (New)
Amendment of Trust Deed
New Scheme of Registration under Section 12AB
Registration under Section 12AB of the Organization 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 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 Registration 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
Requirement of Audit under Section 12A
Practical Guide to upload Audit Report in Form 10B
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
Fundamental Concepts 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)
Tabular Overview of Compliances under Section 10(23C)
Comparative Analysis under Sections 11 & 10(23C)
Practical Guide to Approval under Section 10(23C)
Mutual Societies
Maintenance of books of accounts
About the author
Manoj Fogla
Dr Manoj Fogla is 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 a PhD from Utkal University, Doctoral Research on Social Accountability Standards for NPOs. He is an expert on Taxation, CSR, FCRA Governance and Accountability issues. He is the author of several best-selling books for professionals, which include:
Comprehensive Commentaries on Taxation of Trusts & NGOs by Taxmann
Handbook on CSR for Corporates & NPOs
Commentaries on FCRA and Lokpal
Legal and Financial Handbook for Voluntary Organizations
He is a member of the Board of several institutions, including Xaviers Institute of Management, Bhubaneshwar (XIMB), Xaviers University, Bhubaneshwar (XUB) and ASBN University, Bhubaneshwar.
He also drafted publications for The Institute of Chartered Accountants of India, New Delhi, such as FAQs on GST for NPOs & FAQs on FCRA for NPOs.
He has been addressed as a faculty and resource person at various national and international forums.
Suresh Kumar Kejriwal
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.
Tarun Kumar
Mr Tarun is a Chartered Accountant (Member, Institute of Chartered Accountants of India). He is a First Class commerce graduate from Panjab University, Chandigarh. He has also qualified for the Diploma in International Taxation conducted by ICAI.
He is currently practising in New Delhi. He has extensive experience working with various Non-Governmental Organizations (NGOs) and start-ups. He has good expertise in handling Income-tax matters with specialization in the taxation of start-ups and NGOs.
He is associated with the Research & Advisory wing of Taxmann Publications. He has authored various blogs on taxation matters published in the print media and leading newspapers and web portals. He is a regular speaker on Income-tax
He has Co-Authored a book on 'Trusts and NGOs, Ready Reckoner – A Practice Guide for Professionals' published by Taxmann Publications.