Part I -- Introductory |
1
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1 Trusts and Its Kind |
2
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2 Wakf : The Mohammaden Trusts |
6
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3 Religious Trusts, Endowment, Etc. |
9
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4 Public and Private Temples |
15
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5 Settlor, Trustee and Beneficiary |
19
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6 Trust Property |
24
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7 Transfer of Trust Property to Trustees |
27
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8 Trust Management |
33
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9 Income Tax Provisions Governing Charitable Trusts, Funds, Exempt Institutions and NGO |
36
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Part II -- Public Charitable Trusts or Institutions |
39
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Section A : Charitable Purpose |
40
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10 Charitable Purpose -- Meaning and Relevance of |
40
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11 Relief to Poor as Charitable Purpose |
43
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12 Education and Yoga as Charitable Purpose |
48
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13 Medical Relief as Charitable Purpose |
64
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14 Preservation of Environment, Monuments, Etc. as Charitable Purpose |
69
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15 Any Other Object of General Public Utility in Section 2(15) |
71
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Section B : Exemption to Charitable Trusts and Institutions |
111
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16 Exemption When Available to Charitable Trust/Institution under Section 11 |
111
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17 Property Held Under Trust in Section 11 |
124
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18 Property Held Under Legal Obligation Vis-a-Vis Section 11 read with Explanation 1 to Section 13 |
133
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19 Accumulation or Setting Apart of 15 Percent Income |
138
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20 Application of Income -- Condition Precedent for Availing of Exemption |
147
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21 Expenditure Regarded as Application of Income |
173
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22 No Set Off of Excess Expenditure in Earlier Year Against Income of Subsequent Year |
182
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23 Option Available Under Explanation 1(2) to Section 11 |
187
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24 Treatment of Capital Gains of Charitable Trust |
192
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25 Accumulation or Setting Apart of Income under Section 11(2) |
207
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26 Condonation of Delay in Filing Form No. 9A and Form No. 10 -- Whether Permissible |
229
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27 Permissibility of Inter Trust Donation |
234
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28 Treatment of Corpus Donation in Hands of Charitable Trusts and Institutions |
240
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29 Treatment of Voluntary Contribution Received for Renovation, Repairs of Temples, Mosques, Etc. |
256
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30 Consequences of Non-Compliance of Specific Provision |
258
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31 Treatment of Business Income |
267
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32 Modes Prescribed under Section 11(5) for Investment by Charitable Trusts and Institutions |
301
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33 Miscellaneous Issues as to Exemption under Section 11 |
315
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34 Maintenance of Books of Accounts and Audit thereof by Charitable Trusts -- One of the Condition for Availing of Exemption |
327
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Section C : Procedure for Registration of Charitable Trusts/Institutions |
336
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35 Mandatory Registration by Charitable Trusts and Institutions for Availing of Exemption |
336
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36 Procedure for Registration under Section 12AB read with Section 12A(1)(ac) |
343
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37 Procedure for Registration by Trusts and Institutions Already Registered Under Earlier Provision |
347
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38 Procedure for Provisional Registration by Newly Established Organisations |
352
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39 Procedure for Renewal of Registration Granted under Section 12AB |
356
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40 Registration Procedure Under Certain Other Circumstances |
358
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41 Cancellation of Registration Granted under Section 12AB |
363
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42 New Procedure for Registration and Re-registration -- In Nutshell |
367
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43 Faceless Approval or Registration Scheme |
374
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44 Registration Under Erstwhile Section 12AA as Applicable upto 31-3-2021 |
375
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45 Cancellation of Registration of Charitable Trusts Granted under Section 12AA [As Operative upto 31-3-2021] |
379
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46 Impact of Voluntary Surrender of Registration |
413
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47 Automatic Grant of Registration under Section 12AA on Failure to Take Action by Pr. Commissioner or Commissioner on Application Within Six Months |
421
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48 Issues Arising While Granting or Rejecting Registration Application |
427
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Section D : Computation of Income by Trusts/Institutions |
492
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49 Income of Charitable Trusts -- Computation Thereof |
492
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50 Applicability of Disallowance Provision Vis-a-Vis Charitable Trusts |
509
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51 Income by Voluntary Contribution |
514
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52 Treatment of Government Grant Received by Charitable Trusts and Institutions |
524
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53 Taxation of Anonymous Donations |
531
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54 Anonymous Donation Vis-a-Vis Applicability of Section 68 |
541
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55 Computation of Income in Case of Certain Violations by Trusts or Institutions Registered under Section 12AB |
545
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Section E : Forfeiture of Exemption |
548
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56 Forfeiture of Exemption -- Overview of Section 13 |
548
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57 Bar in Respect of Trust for Benefit of Specific Religious Community [Section 13(1)(b)] |
554
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58 Benefit to Interested Persons Causing Bar to Exemption [Section 13(1)(c)] |
564
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59 Investment of Trust Funds in Other Than Specified Media as Barring Exemption [Section 13(1)(d)] |
596
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60 Bar Due to Deemed User of Trusts Income by Interested Persons [Section 13(2)] |
616
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61 Interested Persons in Section 13(1)(c) [Section 13(3)] |
638
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62 Case Studies Relevant to Issues Regarding Section 13(3) |
648
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63 Unreasonable Benefit to Trustees or Other Specified Persons Attract Penalty under Section 271AAE |
653
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Section F : Filing of Return and Taxation of Charitable Trusts |
657
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64 Filing of Return of Income by Trusts or Institutions |
657
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65 Income Taxation of Charitable Trusts or Institutions |
667
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66 Taxation of Certain Income of Trusts or Institutions at Special Rate under Section 115BBI |
677
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67 Tax on Accreted Income of a Charitable Trust/Institution |
683
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68 Common Areas of Enquiry by Department While Handling Assessment of Charitable Trusts/Institutions |
688
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Section G : Trust Deeds -- Preparation and Samples |
692
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69 Constitution of Charitable Entity Via Trust Deed -- Governing Principles |
692
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70 Specification of Objects in Charitable Trust Deed |
704
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71 Preparation of Charitable Trust Deed and Sample Deeds |
714
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Part III -- Trusts, Funds, Educational and Medical Institutions Exempt Under Section 10(23C) |
737
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Section A : Exemption Under Clauses (iiiab) to (via) of Section 10(23C) |
738
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72 Fund or Institutions Claiming Exemption under Section 10(23C)(iv)/(v) |
738
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73 Educational Institutions Claiming Exemption under Section 10(23C) |
752
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74 Medical Institutions Claiming Exemption under Section 10(23C) |
761
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75 Exemption to Educational and Medical Societies |
767
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76 Exemption under Section 11 or under Section 10(23C) or under Section 10(46) |
770
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77 Conditions for Availing of Exemption by Educational Institutions |
773
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78 No Denial of Exemption on Ground of Generation of Surplus |
801
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79 Filing of Return by Educational and Medical Institutions Claiming Exemption under Section 10(23C) |
807
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80 Investigation and Verification by Department in Case of Educational Institutions |
811
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Section B : Procedural Aspects and Requirement of Various Provisos to Section 10(23C) |
814
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81 Overview of Provisos to Section 10(23C) Vis-a-Vis Exemption to Institutions Claiming Exemption under Section 10(23C) |
814
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82 Procedure Regarding Approval by Trusts and Institutions Claiming Exemption under Section 10(23C) [As Applicable from 1-4-2021] |
828
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83 Scheme for Faceless Approval |
838
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84 Various Issues Relevant to Approval |
839
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85 Requirements As to Application or Accumulation of Income by Institutions Claiming Exemption under Section 10(23C) |
852
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86 Business Income of Institutions Claiming Exemption under Section 10(23C) |
871
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Section C : Taxation and Audit of Charitable, Educational and Medical Institutions |
876
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87 Taxation of Voluntary Contributions |
876
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88 Capitation Fee Received by Educational & Medical Institutions |
880
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89 Tax Treatment of Anonymous Donations Received by Charitable, Educational or Medical Institutions |
887
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90 Maintenance of Books of Account and Audit thereof by Charitable, Educational and Medical Institutions |
889
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91 Computation of Income in Case of Certain Violations by Institutions Referred to in Section 10(23C)(iv)/(v)/ (vi)/(via) |
896
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Section D : Sample Draft Deeds |
900
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92 Sample Draft Deed of Trust for Charitable Dispensary or Hospital |
900
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Part IV -- NGOs, Societies, Clubs, Etc. |
903
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Section A : NGOs, Societies, Clubs, Etc. -- Introductory |
904
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93 Introducing NGOs/NPOs |
904
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94 Entity Specific Forms of NGOs/NPOs |
908
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95 Ready Referencer Vis-a-Vis Various Entity Specific Forms of NGOs/NPOs |
911
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Section B : NGO As a Company |
914
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96 NGO as a Company |
914
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97 Corporate Social Responsibility Vis-a-Vis NGOs/NPOs |
928
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Section C : NGO As a Society |
937
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98 Society : Meaning, Formation and Regulations |
937
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99 Sample Memorandum of Association and Rules & Regulations of a Society |
941
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100 Memorandum of Association and Rules and Regulations of a Children Welfare Society |
948
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101 Other Documents Related to Societies |
959
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102 Societies Registration Act, 1860 : Analytical Study |
961
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Section D : NGOs as Institutions Funds or Associations of Specific Nature |
967
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103 Exempt Institutions/Funds/ Associations |
967
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104 Research Associations Run by NGOs/Societies |
970
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105 News Agencies and Approved Professional Associations Run by NGOs/ Societies |
976
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106 Exempt Funds, Institutions |
981
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107 Securitisation Trusts |
989
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108 Taxation of Investment Fund |
992
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109 Real Estate Investment Trusts (REIT) and Infrastructure Investment Trusts (INVIT) |
998
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Section E : NGO as a Club |
1004
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110 Club : Meaning, Classification and Bye-Laws |
1004
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111 Applicability of Principle of Mutuality Vis-a-Vis Club |
1009
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112 Taxation of Club |
1016
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Part V -- Donations and Approval Under Section 80G |
1020
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113 Deduction to Donors under Section 80G Regarding Their Donations to NGOs/Societies, Etc. |
1021
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114 Procedure as to Approval of Trusts, Institution, Etc. |
1033
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115 Procedure as to Furnishing of Statement and Certificate |
1042
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116 Certain Issues Regarding Statement of Donations |
1045
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117 Issues Relevant to Grant of Approval |
1048
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118 CSR Expenditure Vis-a-Vis Deduction under Section 80G |
1070
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Part VI -- Certain Provisions Common to Charitable Trusts/Institutions/ NGOs, Etc. |
1076
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119 TDS Provisions Concerning NGOs |
1077
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120 Applicability of Mutuality Principle to Trusts or Institutions |
1082
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Part VII -- Accounting by Trusts and Institutions |
1089
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121 Applicability of Accounting Standards to Trusts Institutions, NGOs and NPOs |
1090
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122 Revenue Recognition by Trusts and Institutions [AS-9] |
1092
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123 Accounting of Government Grants by Trusts and Institutions [AS-12] |
1109
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124 Requirements as Per Other Important Accounting Standards |
1119
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125 Preparation of Annual Accounts by Trusts or Institutions |
1131
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126 Guidance Notes As to Accounting in Case of Schools |
1150
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127 Guidance Notes As to Accounting for Hospitals |
1180
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Part VIII -- Private Trusts -- Formation, Taxation and Planning |
1183
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Section A : Statutory Provisions Governing Private Trusts |
1184
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128 Obectives for Creation of Trust |
1184
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129 Introducing Private Trusts [Sections 161 and 164] |
1186
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130 Oral Trust [Section 164A] |
1192
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131 Representative Assessee in Case of Trust [Section 160] |
1194
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132 Liabilities of Representative Assessees [Section 161] |
1199
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133 Taxation of Private Trust Indulging in Business Activities [Section 161(1A)] |
1214
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134 Double Taxation of Representative Assessee not Permissible [Section 161(2)] |
1219
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135 Double Taxation of Representative Assessee not Permissible [Section 161(2)] |
1221
| >> |
136 Direct Assessment or Recovery from Beneficiary [Section 166] |
1223
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137 Deemed Declared Trust [Explanation 1 to Section 160(1)] |
1231
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Section B : Tax Planning Via Different Kinds of Private Trusts |
1232
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138 Specific Trusts |
1232
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139 Private Discretionary Trust |
1237
| >> |
140 Business Trust |
1243
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141 Trust for Deferred Benefit of Minor |
1250
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142 Miscellaneous Plannings Vis-a-Vis Private Trusts |
1255
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Section C : Private Trusts Taxation |
1266
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143 Computation of Tax Liability in Case of Private Trusts [Sections 161 and 164(1)] |
1266
| >> |
144 Maximum Marginal Rate -- Meaning and Applicability [Section 2(29C)] |
1276
| >> |
145 Applicability of Section 56(2)(x) Vis-a-Vis Beneficiary or Trustee in Case of Private Trust |
1294
| >> |
146 Filing of Return of Income and Assessment |
1299
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Section D : Deeds and Conveyancing |
1301
| >> |
147 Trust Deed -- General Principles |
1301
| >> |
148 Trust Deed (General) |
1302
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149 Wakf AL Aulad |
1306
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150 Family Welfare Trust |
1308
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151 Deed of Family Trust |
1311
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152 Regularisation of the Old Oral Trust by Duly Created Settlement Deed |
1314
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153 Settlement for Unborn Child |
1316
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154 Transfer of Property to Trust for Benefit of Relation |
1317
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155 Application under Section 160 as to Nature and Purpose of Trust |
1319
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Part IX -- GST Implications Vis-a-Vis Trusts, Etc. |
1321
| >> |
Section A : Legal and Procedural Aspects |
1322
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156 Levy of GST on Trusts |
1322
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157 Meaning and Scope of Supply |
1327
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158 Taxability of Composite and Mixed Supply |
1335
| >> |
159 Registration Under GST |
1342
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160 Input Tax Credit |
1348
| >> |
161 Returns Under GST |
1352
| >> |
162 Furnishing of Details of Outward Supplies |
1359
| >> |
Section B : GST on NGOs, Trusts, Societies |
1363
| >> |
163 GST on Charitable Trusts |
1363
| >> |
164 GST on Charitable Hospitals and Clinics |
1372
| >> |
165 GST on Educational Institutes |
1380
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166 GST on Services Supplied by Clubs, Associations or Societies |
1390
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167 GST on Renting of Immovable Property by Trusts |
1398
| >> |
168 GST on Manpower Supply and Security Services |
1406
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