Books of account obligations require registered non-profit organisations crossing the income threshold to maintain prescribed records, with audit separately governed. Section 347 requires a registered non-profit organisation to maintain prescribed books of account and other documents where total income, computed without ... Summary
Books of account obligations require registered non-profit organisations crossing the income threshold to maintain prescribed records, with audit separately governed.
Section 347 requires a registered non-profit organisation to maintain prescribed books of account and other documents where total income, computed without giving effect to the relevant non-profit provisions, exceeds the maximum amount not chargeable to income-tax. Rule 187 requires records including a cash book, ledger, journal, bills, receipts, and project, income and application records. Audit and furnishing of the audit report are separately governed by section 348.
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