As per Indian Income Tax Act 1961, income of Charitable trust is exempt from tax.
The trust must apply 85% of income derived for its activities or the object of the trust the balance can be accumulated and used in later years.
Any donation made to such notified trust is allowed as deduction under section 80G of Income Tax Act of the Donor.
All the trust has to register under section 12AA of income tax act, they have to maintain accounts and get their accounts audited by a Chartered Accountant if their income is more than Rs.1, 80,000. Along with that they should also file Income Tax returns.
Elim Church Support Services – Accounting Services
Elim Church Support Services prepare accounts for all types and size of Business, Churches & Mission Organizations, NGO, Associations & Individuals.
All accounts are prepared by qualified accountants, ensuring the highest standards. Our accounting services includes:
- Assistance in maintenance of the necessary books of accounts.
- Finalization of accounts on a monthly / quarterly & annual basis
- Furnishing necessary MIS Reports as per mutually agreed formats
- Liaison with the Auditors for finalization of accounts (If needed)
- Supervision of the accounting transactions of the Organization to ensure compliance with best accounting practices
- Recommending and implementing suitable internal control systems and procedures to suit the requirements of the Client.
Preparation of Tax & TDS Returns
- Tax compliance and representation before tax authorities.
- Filing of Appeals & representation before Appellate Authorities
- Tax planning services
- Preparing and filing of annual returns and other statutory documents with appropriate authorities.
Elim provides comprehensive incorporation services including:
- Drafting of Memorandum & Articles of Association, Trust Deeds & Association Deeds.
- Registration of Trust, Associations & Societies.
- Maintenance of Statutory Records & Registers
- Preparation of notices & minutes and associated documentation for board meetings and general meetings