Books of Account - Section 347 (New) / Section 12A(1) (Old)

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.... Rules, 1962. Section 347 prescribes the obligation of a registered non-profit organisation to keep and maintain books of account and other documents where its total income, computed without giving effect to the provisions of the special non-profit regime, exceeds the maximum amount not chargeable to income-tax for the relevant tax year. Section 347 - Applicability of Books of Account Requir....

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....Trigger / threshold Applies where total income of the trust / Institution, computed without giving effect to sections 11 and 12, exceeds the maximum amount not chargeable to income-tax in any previous year. Applies where total income of a registered NPO, without giving effect to the provisions of the relevant Part, exceeds the maximum amount not chargeable to income-tax in any tax year....