This Tax Alert summarizes Notification No. 94/2022 dated 10 August 2022
(Notification) issued by the Central Board of Direct Taxes (CBDT) which
notifies a new rule as prescribed by the enabling provisions of the Income Tax
Law (ITL).The Finance Act 2022 had amended the enabling provisions for the
charitable institutions to maintain books of account and other documents and it
is one of the pre-conditions for availing exemption under the ITL. The new rule
provides that charitable trust and other eligible institutions (charitable
institutions) are required to maintain books of account and other documents.
The documents prescribed require maintenance of record exhaustively in respect
of different segments such as sources of income, application, investment or
deposit of money etc. It also includes maintenance of details such as name,
address, PAN, Aadhar number of every donor, as also of every person in respect
of whom application is made or claimed. The books of account and other documents
are to be maintained at the registered office for a period of ten years from
the end of the relevant tax year. It may be kept at any other place as decided
by the management by way of a resolution. It may be maintained in written or
electronic form. Furthermore, if the charitable institutions are subjected to
reassessment for any tax year, the books of account are to be maintained till
the reopened assessment is finalized.
Wednesday 17 August 2022
CBDT notifies books of account and other documents to be maintained by charitable institutions
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