Books of account obligations require registered non-profit organisations crossing the income threshold to maintain prescribed records under the non-profit regime. Section 347 requires a registered non-profit organisation to keep and maintain books of account and other documents when its total income, computed ... Summary
Books of account obligations require registered non-profit organisations crossing the income threshold to maintain prescribed records under the non-profit regime.
Section 347 requires a registered non-profit organisation to keep and maintain books of account and other documents when its total income, computed without applying the special non-profit regime, exceeds the maximum amount not chargeable to income-tax for the relevant tax year. Rule 187 prescribes accounting and record-keeping requirements, including cash books, ledgers, journals, bills and receipts, and records concerning projects, income and application of income. Audit and audit-report requirements are separately governed by section 348.
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