Supreme Court ruled that charitable organizations whose activities make ‘profits’ cannot claim tax exemption Last month, the Supreme Court pronounced a landmark judgement after hearing two key issues relating to charitable organizations (a) scope of the expression “general public utility” and (b) scope of exemption to educational institutions claiming tax exemption as charitable institutions. The word charitable purpose is defined …
Author: Sharad Bhargava
Mandatory books of accounts and other documents to be maintained by Not for Profit Organizations
For charitable organizations which are tax exempt, Govt of India has now framed a rule which is already effective for maintenance of books of accounts and other documents to be kept and maintained at registered office of the organization. Failure to comply with the rules may lead to denial of exemption under section 11 and 12 of Income Tax Act, …
Establishment of Social Stock Exchange SSE in India
Securities & Exchange Board of India (SEBI) has notified establishment of Social Stock Exchange (SSE) in India. The SSE will provide an additional avenue for accessing and raising social funds for promoting the development agenda in the country and meeting the Sustainable Development Goals (SDGs). Not for profit organisations like Society, Trust or Section 8 company and For Profit Enterprises …