Record keeping rules for charitable institutions get tighter

General

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• Aug 12, 2022
  
  
  All charitable trusts, institutions, universities and other educational trusts and medical institutions are required to keep and maintain books of account, original bills of payment, PAN card, Aadhar card and address of voluntary donors and trustees, along with details of loan taken and investment made by them. Trusts and institutions are also required to maintain record of projects undertaken, voluntary contributions received, every fund transferred to others, incomes from assets and investments, and all purchases made by the trust.
  

• The Central Board of Direct Taxes (CBDT) on Thursday mandated all charitable trusts to maintain the records for 10 years from the assessment years for better tax scrutiny. In addition, all donations from overseas are required to be maintained strictly, it said. The trusts have to keep "application of income outside India containing details of amount of application, name and address of the person to whom any credit or payment is made and the object for which such application is made", the CBDT said in a notification.

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