Other Violations - Section 353 ( New) / Section 12AB, 12AC, 13, 115BBI, 115TF (Old)

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....e not satisfied. Section 353(1) - Taxable Regular Income on Account of Certain Violations Section 353(1) applies where a registered non-profit organisation, during any tax year: Section 353(1)(a) - Failure to Maintain Books of Account The organisation fails to maintain books of account as required under section 347. Section 353(1)(b) - Failure to Get Accounts Audited The organisation fails to get its books of account audited as required under section 348. Section 353(1)(c) - Failure to Furnish Return of Income The organisation fails to furnish its return of income as required under section 349. Section 353(1)(d) - Contravention of Section 346 Where a registered non-profit organisation carrying out advancement o....

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.... from Corpus The expenditure must not be made from the corpus standing to the credit of the registered NPO as at the end of the immediately preceding tax year. Section 353(3)(d) - No Expenditure out of Loan or Borrowing The expenditure must not be incurred out of any loan or borrowing. Section 353(3)(e) - Depreciation Restriction Depreciation cannot be claimed where acquisition of the relevant asset has already been claimed as an application of income in the same or any other tax year. Section 353(3)(f) - No Contribution or Donation Expenditure in the form of a contribution or donation to any person is excluded from the allowable expenditure. Section 353(3)(g) - Payments in Contravention of Section 364 The expendi....

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....egular income chargeable under section 334. Specified income Specified categories, including anonymous donations and other amounts, are dealt with under provisions including sections 115BBC and 115BBI. Section 353(2) ensures specified income and residual income not covered by section 353(1) remain chargeable under section 334. Expenditure from corpus Corpus-related application is subject to the restrictions under section 11 and its Explanations. Section 353(3)(c) specifically excludes expenditure from the corpus standing to the credit at the end of the immediately preceding tax year. Expenditure from borrowing Application out of loans/borrowings is governed by the conditions under section 11. ....