Details

Charitable trusts, NGOs, and Section 8 companies play a vital role in serving the community, and their legal and tax compliance is governed by various statutes, including the Income Tax Act and respective State Public Trust Acts. R V K & Associates provides comprehensive services for the registration, tax exemption, and annual compliance of charitable and non-profit entities.

Our Services for Charitable Trusts Include:

1. Formation and Registration:

• Advisory on the suitable structure (Trust, Society, or Section 8 Company)

• Drafting of trust deed or memorandum of association

• Registration with the Charity Commissioner or Registrar of Societies

• PAN and TAN application for the trust

2. Tax Exemption and Recognition:

• Application for registration under Section 12AB of the Income Tax Act

• Application for approval under Section 80G for donor benefit

• Support in documentation, representations, and follow-up with the Income Tax Department

• Guidance on renewal and revalidation of registrations

3. Accounting and Statutory Audit:

• Maintenance of books of accounts in accordance with applicable standards

• Preparation of Receipts & Payments, Income & Expenditure statements, and Balance Sheet

• Statutory audit of charitable trusts and NGOs

• Issuance of audit reports and Form 10B, if applicable

4. Filing and Regulatory Compliance:

• Filing of Income Tax Return in Form ITR-7

• Preparation and filing of Annual Returns with Charity Commissioner (where applicable)

• Compliance with Foreign Contribution Regulation Act (FCRA), if receiving foreign donations

• Assistance with compliance for grant applications and fund utilization reporting

5. Advisory on Operational and Governance Matters:

• Guidance on related party transactions and permissible activities

• Advisory on utilization of income and accumulation provisions under Income Tax Act

• Drafting internal policies and financial controls for better governance

• Support for mergers, amendments in trust deed, or winding up procedures

Who Can Benefit:

• Public Charitable Trusts

• Religious Trusts

• NGOs and Non-Profit Societies

• Section 8 Companies

• Educational and Medical Institutions with charitable status

Applicable Statutes and Authorities:

• Income Tax Act, 1961

• Bombay Public Trusts Act, 1950 (or applicable state law)

• Companies Act, 2013 (for Section 8 companies)

• Foreign Contribution Regulation Act (FCRA), 2010