November 2022
Charitable Trusts – Recent Amendments Pertaining to Books of Accounts and Other Documents – Part 2
By R. S. Kadakia, Chartered Accountant
Reading Time 27 mins
[Part – I of this article was published in October, 2022
BCAJ. In this concluding part, the author has analysed the remaining provisions in detail.]
The following records are also required to be maintained:
Rule 17AA(1)(d)(iv)(Text)
Record of the following, out of the income of the person of any previous year preceding the current previous year, namely:-(I)
application out of the income accumulated or set apart containing
details of the year of accumulation, amount of application during the
previous year out of such accumulation, name and address of the person
to whom any credit or payment is made and the object for which such
application is made;
(II) application out of the deemed
application of income referred to in clause (2) of Explanation 1 of
sub-section (1) of section 11 of the Act, for any preceding previous
year, containing details of the year of deemed application, amount of
application during the previous year out of such deemed application,
name and address of the person to whom any credit or payment is made and
the object for which such application is made;
(III)
application, other than the application referred to in Item (I) and
Item (II), out of income accumulated during any preceding previous year
containing details of the year of accumulation, amount of application
during the pr
