Books of account obligations require registered non-profit organisations above the tax-free threshold to maintain prescribed financial and project records. Section 347 requires a registered non-profit organisation whose total income exceeds the maximum amount not chargeable to income-tax, computed without the ... Summary
Books of account obligations require registered non-profit organisations above the tax-free threshold to maintain prescribed financial and project records.
Section 347 requires a registered non-profit organisation whose total income exceeds the maximum amount not chargeable to income-tax, computed without the special non-profit regime, to maintain prescribed books and documents. Rule 187 includes a cash book, ledger, journal, bills and receipts, and records relating to projects, income and application of income. Audit and furnishing of the prescribed audit report are separately governed by section 348.
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