Donation

As we all know anonymous donations received by a trust are taxable, so every charitable trust has to keep the records of donation received which includes keeping the name, address and PAN of donee. If donations are received towards corpus than trust should obtain from donee an instruction mentioning his intention to treat the donation given by him as towards corpus of the trust. Given below is the format of instruction given by donee to trust to treat the donation given .. Full Article

The Assessee for the relevant year filed return declaring "Nil" income. He case though processed under Section 143(1) was selected for scrutiny. The Assessee had shown the gross total income for the relevant year as Rs.6,92,453/- and deducted therefrom the amount applied for charitable purposes to the extent of Rs.27,28,001/-. The Assessee had made application of income by donation of Rs.26,66,000/- comprising of donation of Rs.25 lacs to BLB Trust as corpus donation and.. Full Article

Mooting greater transparency regarding donations by corporate houses to political parties, the Corporate Affairs Minister, Mr Salman Khurshid, said on Wednesday that his Ministry has already recommended the inclusion of norms for disclosure of the details of such funding in the new Companies Bill. Full Article

In exercise of the powers conferred by clause (c) of sub-section (2) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies “Archery Association of India”, New Delhi, as the association, for the purposes of said clause for the assessment years 2010-11 to 2012-2013. Full Article

Notification No. G.S.R. 349(E) In exercise of the powers conferred by sub-section (1) and clause (a) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in consultation with the Reserve Bank, the Central Government, having considered it necessary in the public interest, hereby makes the following further [...] Full Article

Notification of SEBI (Investor Protection and Education Fund) Regulations, 2009 SEBI has notified the SEBI (Investor Protection and Education Fund) Regulations, 2009, on May 19, 2009, with a view to strengthening its activities for investor protection.  The salient features of these regulations are as follows:  The Fund shall be used for the protection of investors and promotion [...] Full Article

During the audit of a bank branch (which is a semi-urban branch and has been put under concurrent audit for the first time), the concurrent auditors found that the total working is in a mess. Loan applications for loans already disbursed are not on record, disbursement conditions are not complied with, hypothecation agreements are incomplete, mortgages wherever necessary are pending and number of lacunae are observed in the processing of proposals, which are under the Br.. Full Article