CBDT notifies books of account to be maintained by charitable institutions
CBDT issued Notification No. 94/2022 dated 10 August 2022, in which it prescribes the books of account and other documents required to be maintained by charitable institutions.
The Rule mandates that the charitable entities and the charitable institutions which carry on business, shall keep and maintain books of account, including: (i) cash book, (ii) ledger, (iii) journal, (iv) copies of bills or counterfoils of receipts, (v) original bills and receipts, (vi) any other book that may be required to be maintained in order to give a true and fair view of the state of the affairs of the person and explain the transactions effected.
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.
The Rule provides that every institution or trust is required to maintain books of account and other documents at their registered office or at such other place in India as the management may decide by way of a resolution and is intimated to the jurisdictional Assessing Officer within 7 days.
The books of account and other documents shall be maintained for a period of 10 years from the end of the relevant assessment year.
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Books of accounts to be maintained by charitable institutions
Please click the below link to read / download the notification.