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Non-profit Laws Of India
This article describes the various laws related to non profit organisations in India. A Non Profit Organisation, non profit organisation can be registered in India as a Society, under the Registrar of Societies or as a Trust company, Trust, by making a Trust deed, or as a Section 8 Company, under the Companies Act, 2013. Whether a trust, society or Section 8 company, the Income Tax Act, 1961 gives all categories equal treatment, in terms of exempting their income and granting 80G certificates, whereby donors to non-profit organisations may claim a rebate against donations made. Foreign contributions to non-profits are governed by Foreign Contribution (Regulation) Act%2C 2010#Foreign_Contribution_(Regulation)_Amendment_Act,_2020, FC(R)A regulations and the Home Ministry. For an organisation to be termed as Charitable organization, charity it requires Income tax clearances under 12A Section of Income Tax Act. Section 2(15) of the Income Tax Act defines ‘charitable purpose’ to in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non Profit Organisation
A nonprofit organization (NPO), also known as a nonbusiness entity, nonprofit institution, not-for-profit organization, or simply a nonprofit, is a non-governmental (private) legal entity organized and operated for a collective, public, or social benefit, as opposed to an entity that operates as a business aiming to generate a Profit (accounting), profit for its owners. A nonprofit organization is subject to the non-distribution constraint: any revenues that exceed expenses must be committed to the organization's purpose, not taken by private parties. Depending on the local laws, charities are regularly organized as non-profits. A host of organizations may be non-profit, including some political organizations, schools, hospitals, business associations, churches, foundations, social clubs, and consumer cooperatives. Nonprofit entities may seek approval from governments to be Tax exemption, tax-exempt, and some may also qualify to receive tax-deductible contributions, but an enti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
India
India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since 2023; and, since its independence in 1947, the world's most populous democracy. Bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast, it shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the north; and Bangladesh and Myanmar to the east. In the Indian Ocean, India is near Sri Lanka and the Maldives; its Andaman and Nicobar Islands share a maritime border with Thailand, Myanmar, and Indonesia. Modern humans arrived on the Indian subcontinent from Africa no later than 55,000 years ago., "Y-Chromosome and Mt-DNA data support the colonization of South Asia by modern humans originating in Africa. ... Coalescence dates for most non-European populations averag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust Company
A trust company is a corporation that acts as a fiduciary, trustee or agent of trusts and agencies. A professional trust company may be independently owned or owned by, for example, a bank or a law firm, and which specializes in being a trustee of various kinds of trusts. The "trust" name refers to the ability to act as a trustee – someone who administers financial assets on behalf of another. The assets are typically held in the form of a trust (property), trust, a legal instrument that spells out who the beneficiaries are and what the money can be spent for. A trustee will manage investments, keep records, manage assets, prepare court accounting, pay bills (depending on the nature of the trust), medical expenses, charitable gifts, inheritances or other distributions of income and principal. Estate administration A trust company can be named as an executor or personal representative in a will (law), last will and testament. The responsibilities of an executor in settling ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Contribution (Regulation) Act%2C 2010
The Foreign Contribution (regulation) Act, 2010 is an act of the Parliament of India, by the 42nd Act of 2010. It is a consolidating act whose scope is to regulate the acceptance and utilisation of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit acceptance and utilisation of foreign contribution or foreign hospitality for any activities detrimental to the national interest and for matters connected therewith or incidental thereto. It is designed to correct shortfalls in the predecessor act of 1976. The bill received presidential assent on 26 September 2010. Amendments Foreign Contribution (Regulation) Amendment Act, 2020 The Minister of Home Affairs, Amit Shah introduced the Foreign Contribution (Regulation) Amendment Bill, 2020, which made several changes to the existing Act, including making it mandatory for office bearers of any non-governmental organisation (NGO) to provide their Aadhaar numbers. It also g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charitable Organization
A charitable organization or charity is an organization whose primary objectives are philanthropy and social well-being (e.g. educational, Religion, religious or other activities serving the public interest or common good). The legal definition of a charitable organization (and of charity) varies between countries and in some instances regions of the country. The Charity regulators, regulation, the tax treatment, and the way in which charity law affects charitable organizations also vary. Charitable organizations may not use any of their funds to profit individual persons or entities. However, some charitable organizations have come under scrutiny for spending a disproportionate amount of their income to pay the salaries of their leadership. Financial figures (e.g. tax refunds, revenue from fundraising, revenue from the sale of goods and services or revenue from investment, and funds held in reserve) are indicators to assess the financial sustainability of a charity, especiall ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Societies Registration Act, 1860
The Societies Registration Act, 1860 is a legislation in British India which allows the registration of entities generally involved in the benefit of society – education, health, employment etc. The British Indian Empire, with a wish to encourage such activities and to promote the formal organisation of groups of like minded people, incorporated the Act 21 of 1860, in other words, the Societies Registration Act, 1860 (21 of 1860), which came into force on 21 May 1860. In post-independence India, the Act continues until today and being an Act of Parliament, comes under the Right to Information Act, wherein the government is legally responsible to give any information requested by any citizen of India with respect to any society. P. 55 In Bangladesh, Burma and Pakistan, all previously part of the British Raj, the Act also continues. In Brunei, Hong Kong, Malaysia and Singapore, similar legislations for the registration of societies are also in place. Background The Indian ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Act, 2013
The Companies Act 2013 (No. 18 of 2013) is an Act of the Parliament of India which forms the primary source of Indian company law. It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956. The Act was brought into force in stages. Section 1 of this act came into force on 30 August 2013. 98 different sections came into force on 12 September 2013 with a few changes. A total of another 183 sections came into force from 1 April 2014. The Ministry of Corporate Affairs thereafter published a notification exempting private companies from the ambit of various sections under the act. The Act increased the responsibilities of corporate executives in the information technology sector, increasing India's safeguards against organised cybercrime by allowing CEOs and CTOs to be prosecuted in cases of IT failure. The Act established the National Company Law Tribunal (NCLT), which was constituted on 1 June 2016, based on the recommendation of the Jus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-governmental Organisations In India
Indian non-governmental organisations (NGOs) can be set up under various Indian laws. Types of legal entities The different legal entities under which civil society organisations can register themselves are: Registered societies Societies Registration Act, 1860 is a Central Act for registering not-for-profit organisations. Almost all the states in India have adopted (with modifications, if any) the Central Act for creating state-level authorities for registering various types of not-for-profit entities. According to the Act, any seven persons who subscribe to the Memorandum of Association (MOA) can register a society. The memorandum should include the name of the society; its objectives; names, addresses and occupations of the members subscribing to it as well as the first governing body to be constituted on registration. Trust Public trust Public trusts can be created for public charitable purposes. There is no All India Level Act for setting up public charitable trusts. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charity Law
A charitable organization or charity is an organization whose primary objectives are philanthropy and social well-being (e.g. educational, religious or other activities serving the public interest or common good). The legal definition of a charitable organization (and of charity) varies between countries and in some instances regions of the country. The regulation, the tax treatment, and the way in which charity law affects charitable organizations also vary. Charitable organizations may not use any of their funds to profit individual persons or entities. However, some charitable organizations have come under scrutiny for spending a disproportionate amount of their income to pay the salaries of their leadership. Financial figures (e.g. tax refunds, revenue from fundraising, revenue from the sale of goods and services or revenue from investment, and funds held in reserve) are indicators to assess the financial sustainability of a charity, especially to charity evaluators. This ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of India
The List of national legal systems, legal system of India consists of Civil law (common law), civil law, common law, customary law, religious law and corporate law within the legal framework inherited from the colonial era and various legislation first introduced by the British are still in effect in modified forms today. Since the drafting of the Indian Constitution, Indian laws also adhere to the United Nations guidelines on human rights law and the environmental law. Personal law is fairly complex, with each religion adhering to its own specific laws. In most states, registering of marriages and divorces is not compulsory. Separate laws govern Hindus including Sikhs, Jains and Buddhist, Muslims, Christians, and followers of other religions. The exception to this rule is in the state of Goa, where a uniform civil code is in place, in which all religions have a common law regarding marriages, divorces, and adoption. On February 7, 2024, the Indian state of Uttarakhand also i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
