Charitable trusts raised Rs 40,000 cr in India:CA

Charitable trusts raised Rs 40,000 cr in India:CA

 

CHARITABLE (rusts are an important medium of serving public causes and there are as many as 26 lakh public trusts in India out of which 4.80.(XX)are in Maharashtra. "Public trusts have raised about Rs 40.000 crore in India and such huge public money in the hands of the trusts should be properly utilised." said CA Anil Dani. the Past Chairman of the Nagpur Branch while speaking as the chief guest in  inaugural function of the seminar on Charitable Trust organised by the Nagpur Branch of ICAI. Hence it was important to monitor and regulate the activities of the trust and there was a need to have strong regulations, he added. Chairman of the Branch. CA Ashwini Agrawal. welcomed all the members present and said that in India trusts were set up for social causes and approved by the Income-Tax Department to get not only exemption from payment of tax but also the donors to such trusts could deduct the amount of donation to the trusts from their taxable income. In Maharashtra, the charitable trusts are regulated by the Bombay Public Trust Act. There have been various changes in the Income-Tax Act in the recent past with regard to taxation of trusts. Also donation from foreign entities attract provisions of FCRA. CAs played an important role in charitable trust by acting not only as auditor but also as advisor and guide in many areas and trusts were an important area of practice. I It-briefed about forthcoming programmes like "CA Day Celebrations'programme and requested rhe members 10 participate in the activities of the branch.
CA R B Pethe deliberated on 'Overview and formation of charitable trust procedural aspects of charitable organisation.  CA Zoeb Anwar spoke on "Accounting and auditing issues of charitable organisation' and CA Anil Dani. deliberated on 'Taxation of charitable trust, receipts of donations/grants by charitable trusts visavis FCRA.'
All the sessions were highly inter active and speakers resolved the queries of the participants in an effective manner.
CA Suren Duragkar. CPE Committee Chairman coordinated the inaugural session. CA Sandeep Jotwani. Treasurer introduced the chief guest and CA Swapnil Ghate. Secretary proposed I he vote of thanks.
Present on the occasion were CA Kirti Agrawal. Vice-Chairperson. CA Kirit Kalyani. CA P R Risbud. CA Rajjev Dugar. CA Girdharilal Sharama, CA P G Tambe. CA Ravindra Wankhede and more than 75 chartered accountants.

Posted in: News 2014