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Trusts/NGOs required to maintenance of Books: New IT Rule 17AA

NGO

Trusts/NGOs required to maintenance of Books u/s 10(23C) or Section 12A : New IT Rule 17AA

Central Board of Direct Taxes issue the Notification new Income Tax Rule 17AA, which prescribed Books of Account & other information & documents that must be maintained & keep the records in the case of NGOs/Trusts/Universities/Medical Institutions /Educational/Hospitals etc. covered U/s 10(23C)/12A in electronic/ digital form / written for a duration of 10 years from the end of relevant AY.

{Income Tax Notification 94/2022 dated 10/08/2022 on Income-tax (24th Amendment) Rules, 2022, in line with Income Tax amendments to Income Tax Section 12A or section 10 made vide Section 4(b)(iii)(a) or 6 of the Finance Act 2022, with effect from 01/04/2023.}

NGO . rule 17AA

As per, New Income Tax Rule 17AA specified income Tax Form, Manner & Place for maintenance of Books of Account & other information & documents that must be maintained & keep the records in the case of NGOs/Trusts.  The Books of accounts and other documents may require to maintained in written form, electronic form, digital form, as print-outs of data stored in electronic form or in digital form or any other form electromagnetic data storage device. Below mention books of accounts are needed to be keep as records by an NGO registered U/s 12A / 10(23C):

  • Ledger 
  • Cash Book.
  • Journal 
  • Keep the bills & receipts in (in Original) respect of payments.
  • Bills/Counterfoils of receipts issued by Income Tax Taxpayer.
  • Any other book that may needed to be maintained in order to give a true and fair view of financial Statement which explain the transactions effected.

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