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Income tax

Income tax. NPO Taxation. PAN / TAN. Permanent Account Number (PAN) Form 49A Apply before filing return 7-10 days Tax Deduction Account Number (TAN) Form 49B Apply when deducting Tax. 12A Exemption Conditions. Charitable activities Minimum spending 85%

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Income tax

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  1. Income tax

  2. NPO Taxation

  3. PAN / TAN • Permanent Account Number (PAN) • Form 49A • Apply before filing return • 7-10 days Tax Deduction Account Number (TAN) • Form 49B • Apply when deducting Tax

  4. 12A Exemption Conditions Charitable activities Minimum spending 85% Arm’s length transactions with key persons Keeping funds in approved modes Filing tax return annually

  5. Unspent Funds?

  6. Key Person Payments

  7. Annual Tax Return

  8. New ITR 7

  9. Audit Report

  10. Donations

  11. 80G Approval

  12. 35AC Approval

  13. Anonymous donations

  14. Special Issues

  15. Business-Like Activities

  16. The Charitable Trunk 12A 80G 10(23)(c) 35AC Donor Incentives I Tax Exemption Charitable Purpose

  17. Sec. 2(15)

  18. Dealing with 2(15) • Ensure business is • Incidental • Gross revenue ≤ 25 lakh • If not, spin off as a separate organisation • Form of organisation? • For-profit forms • NPO w/o tax exemption

  19. Incidental Business • Incidental? • Only activities connected with main objects • Gross Business Turnover • Any amount for first five categories • ≤ 25 Lakh for Sixth Category

  20. Business: Accounting/ Audit • Separate books of account – sec. 11(4A) • Attach Audited P&L A/c • Transfer profit to main I&E A/c • Form 3CD audit report if • Fees Turnover > 25 lakh • Sale Turnover > 1 crore

  21. Further Reading Accountable 15 : Basics of Tax Registration Accountable 16 : Income Tax Return Accountable 91 : Income Tax Exemption Accountable 141 : Charitable purpose and Income Tax Auditable 2 : Charitable Purpose - 1 Auditable 3 : Charitable Purpose - 2 Accountable 142 :Eleventh Commandment Accountable 143 : Taxation Tricks and Traps Auditable 12 : Taxing NGO Programs Outside India

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