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Practical Approach to Foreign Contribution (Regulation) Act, 2010
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| Book Details | |
| Title | Practical Approach to Foreign Contribution (Regulation) Act, 2010 |
| ISBN | 978-81-9746-912-1 |
| Edition | 7 edn., 2024 |
| Pages | 792 |
| Authors | CA. (Dr.) N. Suresh |
| Publisher | Bharat Publishers |
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Description
Order the “Practical Approach to Foreign Contribution (Regulation) Act, 2010,” 7th edition (2024) by CA (Dr.) N. Suresh. This comprehensive 792-page guide, published by Bharat Publishers, provides practical insights into the Foreign Contribution (Regulation) Act, 2010. Available with a flat 27% discount for a limited period and free shipping. Get your copy now using ISBN 978-81-9746-912-1 to understand FCRA regulations and compliance better.
DETAILED CONTENTS
Bharat? 5
Preface to the Seventh Edition 7
Contents at a glance 9
Table of Cases 41
Chapter 1
Introduction to FCRA
1. Brief introduction 1
2. Background 1
3. Object of introduction to FCRA, 2010 2
4. Constitutional validity — The Foreign Contribution (Regulation) Amendment Act, 2020 3
FAQs issued by FCRA department – http://fcraonline.nic.in 3
Chapter 2
Applicability of FCRA
1. Brief introduction 5
2. Objective of applicability of FCRA, 2010 5
3. To whom FCRA, 2010 applies 5
4. Definition of person 6
5. Meaning of association 7
6. When FCRA, 2010 applies 7
(1) When foreign contribution is received 7
(2) When foreign hospitality is provided 8
FAQs issued by FCRA department – http://fcraonline.nic.in 8
Annexure Exemption from compulsory audit of CAG 9
Chapter 3
Amendments made by Foreign Contribution (Regulation) Amendment Rules, 2015
1. Amendments at a Glance 10
(1) Online filing of forms for registration and prior permission, hard copies dispensed with 10
(2) Usage of Digital Signature for all forms 11
(3) Online filing of form for opening of one or more utilisation bank accounts in Form FC-6 11
(4) Electronic payment towards the fees 11
(5) Application for renewal of registration 11
(6) Disclosure of audited financial information on website in all cases 12
(7) Furnishing of quarterly foreign contribution on official website 12
(8) Reporting by banks of receipt and utilisation of foreign contribution 12
(9) Submission of annual returns – Intimation of foreign contribution 13
(10) Change in Forms to be filed under FCRA, 2010 13
(11) No need to enclose CA certificate and audited Financial Statements in case no foreign contribution is received or utilised 14
(12) Change of designated Bank Account, name, address, aims objectives or key members of the Association 14
Chapter 4
Foreign Contribution
1. Brief introduction 28
2. Definition of foreign contribution 28
3. Limbs of foreign contribution 29
(i) Foreign source 29
(ii) Analysis of Section 2(1)(h)(i) 29
(a) What is an article? 29
(b) Person 29
(c) Value of gift 30
(iii) Transfer of Foreign Assets 30
(iv) Any currency, whether Indian or foreign 31
(v) Analysis of Section 2(1)(h)(iii) 31
(a) Indian Securities 31
(b) Foreign Security 32
4. Foreign contribution received in Indian Rupees 32
5. Income from foreign contribution funds or assets 32
6. Exemptions to foreign contribution 33
(1) Fees paid to foreign delegates 33
7. FAQs 34
FAQ issued by FCRA department – http://fcraonline.nic.in 34
A. Foreign Contribution 34
Chapter 5
Foreign Contribution — Exceptions
1. Brief introduction 38
2. Exceptions 38
(1) Fees received 38
(2) Salary, wages or other remuneration 39
(3) International trade or commerce 39
(4) Gift or presentation made as a member of any Indian delegation 39
(5) Gift received from relative 39
(6) Remittances received 40
(7) Scholarship, stipend 40
Chapter 6
Foreign Hospitality
1. Brief introduction 41
2. Definition of foreign hospitality 41
3. Foreign hospitality subject to prior approval 41
4. Power of Central Government to prohibit receipt of foreign hospitality 42
5. Position in respect of foreign visit in his/her own capacity 43
6. Procedural requirements for seeking permission for foreign hospitality 43
7. Circumstances when permission from Central Government is not required 44
8. Documents to be filed for seeking approval from Central Government 44
9. Time limit for filing the application and documents 45
10. Guidelines for consideration of proposals for acceptance of foreign hospitality under the FCRA, 2010 45
FAQs issued by Ministry of Home Affairs 45
Annexure A 48
Annexure B 53
Annexure C 59
Chapter 7
Foreign Source
1. Brief introduction 65
2. General meaning 65
3. Definition of foreign source 66
4. Types of foreign source 67
(1) Primary foreign source 67
(a) Individuals 67
(b) Government or Government Agency 67
(c) International Agencies 67
(d) Non-profit organisation or not-for-profit organisation 68
(e) Business associations 68
(2) Secondary foreign source 69
(a) Donations 69
(b) Interest on FCRA Funds 69
(c) Other Income 69
FAQs issued by FCRA department – http://fcraonline.nic.in 70
Chapter 8
Foreign Company
1. Brief introduction 72
2. Foreign company — Meaning and definition 72
3. Test to determine foreign company 73
4. Subsidiary of a foreign company 73
5. Foreign/multinational corporation 74
6. Agencies of foreign government 75
FAQs issued by FCRA department – http://fcraonline.nic.in 75
Chapter 9
Prohibition to Accept Foreign Contribution
1. Brief introduction 76
2. Who cannot receive foreign contribution? 76
3. Status not relevant 79
4. Status of political party 79
FAQs issued by FCRA department – http://fcraonline.nic.in 79
Chapter 10
Foreign Contribution versus Commercial Organisations
1. Brief introduction 80
2. Definition of person excludes commercial organisations 80
3. Purpose or intent of FCRA, 2010 80
4. Applicability to commercial organisations 81
Chapter 11
Organisation of Political Nature
1. Brief introduction 82
2. Definition 82
3. Guidelines for declaration of organisation to be of political nature, other than a political party 83
4. Legislature — What it means? 83
5. Procedure for notifying organisation of political nature 84
(1) Analysis of Section 5 84
(a) Central Government to specify organisation to be of political nature 84
(b) Notice in writing to be given 84
(c) Representation to Government 85
(d) Specify organisation as political nature 85
(e) Order to be passed 85
(f) Summary of Section 5 85
6. Order to be placed before each House of Parliament 86
7. Judicial pronouncement 86
(1) Whether provisions contained under section 5(1) and 5(4) of FCRA, 2010 ultra vires the Constitution of India? 86
(2) Whether donations received by political parties from subsidiaries of foreign company violative of section 4(1)(e) of FCRA, 1976? 87
FAQs issued by FCRA department – http://fcraonline.nic.in 88
Chapter 12
Associations or Company Engaged in Production or
Broadcast of Audio News or Audio Visual News
1. Brief introduction 89
2. Restrictions for receiving foreign contribution 89
3. Illustrations 90
(1) Websites 90
(2) Broadcast of public news 90
(3) Current affairs program 90
(4) Political in nature 90
4. Guidelines on community radio 90
5. No permission will be granted for association engaged in community radio 91
Annexure A Policy Guidelines for setting up Community Radio Stations in India 92
Chapter 13
Permissible Activities
1. Brief introduction 100
2. Illustrative permissible activities 100
(1) Religious 100
(2) Educational 100
(3) Economic 101
(4) Social 101
(5) Cultural 102
Chapter 14
Gift from Relatives and Foreign Sources
1. Brief introduction 103
2. Position in respect of gift received from relatives 103
3. Whether a person is prohibited to receive foreign contribution can receive gift from relatives? 105
4. Whether gift can be received from NRI? 106
Chapter 15
Registration — Procedure and Compliances
1. Brief introduction 108
2. Eligibility criteria 108
(1) Individual or Hindu undivided family 108
(2) Association 109
(3) Companies 109
3. Mandatory conditions 109
(1) Activities 109
(2) Constitution 109
(3) Existence and engage in activities 110
4. Important Amendments made 110
(1) Furnishing Aadhaar Number or Passport as identification document 110
(2) Summary enquiry 110
(3) Amendment of section 11. 110
5. Changes made by The Foreign Contribution (Regulation) (Amendment) Rules, 2020 111
(1) Electronic Form 111
(2) FCRA Account 111
(3) Registration condition 112
(4) Application fee for grant of Registration 113
(5) Application made for registration but not disposed of 113
6. Foreign Contribution (Regulation) (Second Amendment) Rules, 2019 113
(1) Providing Affidavit 113
7. Additional conditions 114
8. Procedure for submitting application for registration 117
9. Time limit for submitting application 117
10. Scanned Documents to be filed for registration 118
11. Designated Bank Account 119
12. Application Fees 119
13. Time limit for disposal of application 119
14. No deeming provision for registration/prior permission 120
15. Refusal to grant registration 120
16. Second and subsequent application 120
17. Validity of the permission granted 120
18. Bank account 120
19. Separate books of accounts 121
20. Utilisation of foreign contribution 121
21. Display of Audited Financial Statements 121
22. Position with regard to registration granted under FCRA, 1976 121
23. Income arising from foreign contribution 122
24. Charter for associations applying and granted registration 122
25. FAQs issued by FCRA Department, Ministry of Home Affairs 122
Annexure A Advisory for compliance by FCRA NGOs/associations with the Amended provisions in FCRA, 2010 and FCRR, 2011 130
Annexure B Charter for Associations who have been Granted Prior Permission or Registration under FCRA 133
Annexure C Good practice Guidelines to the NPOs to ensure compliance with FATF requirements. 136
Annexure D Charter for Associations Applying for Grant of Prior Permission/ Registration under the Foreign Contribution (Regulation) Act, 2010 137
Annexure E Good practice Guidelines to the Non-Profit Organisations (NPOs) to ensure compliance with FATF requirements 139
Annexure F Annexure II: Proforma AA 140
Chapter 16
Prior Permission — Procedure and Compliances
1. Brief introduction 143
2. Eligibility criteria 143
3. Mandatory requirement 144
4. Conditions 145
5. Important Amendments made 145
6. Changes made by The Foreign Contribution (Regulation) (Amendment) Rules, 2020 146
7. Conditions for seeking prior permission 147
8. Application made for prior permission but not disposed of 148
9. Permission for receipt of foreign contribution in application for obtaining prior permission 148
10. Amendments made by “Foreign Contribution (Regulation) (Second Amendment) Rules, 2019 148
11. Should Affidavit to be executed on non-judicial stamp paper? 150
12. Additional conditions 150
13. Procedure for submitting application for prior permission 152
14. Time limit for submitting application 153
15. Scanned Documents to be submitted for prior permission application 153
16. Designated Bank Account 154
17. Application Fees 154
18. Recommendation of District Magistrate – Whether mandatory? 155
19. Time limit for disposal of application 155
20. No deeming provision for registration/prior permission 155
21. Refusal to grant prior permission 156
22. Validity of the permission granted 156
23. Bank account 156
24. Separate books of accounts 157
25. Utilisation of foreign contribution 157
26. Display of Audited Financial Statements 157
27. Specific amount of foreign contribution 157
28. Position with regard to prior permission granted under FCRA, 1976 158
29. Income arising from foreign contribution 158
30. Charter for associations applying and granted prior permission 158
31. FAQs issued by FCRA Department, Ministry of Home Affairs 158
Please see Annexures to Chapter 15
Chapter 17
Circumstances for Rejection of Application for
Registration and Prior Permission
1. Brief introduction 166
2. Common grounds for rejection of application 166
Chapter 18
Grant of Certification of Registration and Prior Permission
1. Brief introduction 169
2. Registration or prior permission certificate 169
Annexure A Specimen of Certificate of Registration 170
Annexure B Specimen of Certificate of Prior Permission 172
Chapter 19
Renewal of Registration
1. Brief introduction 176
2. Text of the provision 176
3. Mechanism for existing organisations to apply for renewal 176
4. Registration done subsequent to the year 2010 176
5. Amendments made by Foreign Contribution (Regulation) Amendment Act, 2020 and Foreign Contribution (Regulation) Amendment Rules, 2020 in respect of Renewal of Registration 177
6. Renewal of certificate of Registration 177
6.1 Application for renewal of certificate of registration 177
6.2 FCRA Account 177
6.3 Application fee 177
6.4 Foreign contribution not to be received 177
6.5 Deemed to have ceased 177
6.6 Unutilized foreign contribution vest with prescribed authority 178
6.7 Designated Bank Account 178
7. Procedure for applying for renewal 178
8. Position in case of implementing multi-year project 180
9. Fees 180
10. Consequences when application for renewal is not made or requisite fees not paid 180
11. Condonation of delay in making the application 181
12. Position when certificate of registration has ceased 181
13. Time limit for grant of renewal 181
14. Refusal to renew the registration 181
15. Documents to be furnished 181
16. Extension of the validity of FCRA registration 182
17. Effective date of Renewal 183
18. FAQs issued by FCRA Department, Ministry of Home Affairs 183
Annexure 185
Annexure “A” 186
Annexure “B” 187
Annexure “C” 188
Annexure “D” 189
Annexure “E” 190
Annexure “F” 191
Annexure “G” 192
Annexure “H” 193
Annexure “I” 194
Annexure “J” 195
Chapter 20
Suspension of Registration
1. Brief introduction 196
2. Central Government powers 196
3. Analysis of section 13 196
4. Consequences of suspension of registration 201
5. Extent of amount that can be utilised in case of suspension of the certificate of registration 201
6. FAQs issued by FCRA Department, Ministry of Home Affairs 202
Chapter 21
Cancellation of Registration
1. Brief introduction 204
2. Conditions for cancellation of registration 204
3. Requirements for cancellation of registration 205
4. Other cases of cancellation of registration 209
5. Consequences when registration is cancelled 211
6. Reapplication after cancellation 212
7. Remedy for the aggrieved person 212
FAQs issued by FCRA Dept, Ministry of Home Affairs 212
Chapter 22
Designated Bank Accounts
1. Brief introduction 214
2. Mandatory requirement 214
3. Opening of designated bank account 215
4. Multiple bank accounts 221
5. Conditions for opening multiple bank accounts 221
6. Intimation of bank accounts 221
7. Important issues on bank account 222
8. Integration of bank accounts with PFMS 224
Annexure A 227
Annexure B 230
Chapter 23
Change in Bank Account — Procedure
1. Amendment made by Foreign Contribution (Regulation) Amendment Act, 2020 232
2. Is prior permission required for change of Utilisation Bank Account? 232
FORM FC-6C 232
Chapter 24
Responsibility of Banks under FCRA, 2010
1. Brief introduction 234
2. Requirement of the provisions 234
3. Crediting foreign contribution 237
4. Receipt of foreign contribution 238
5. Obligation to report in case of foreign contribution received irrespective of the amount 238
6. Position of foreign contribution utilised 239
7. Position of foreign contribution returned 239
8. Multiple transfers of funds 239
9. Guidelines issued under section 36(1)(a) of the Banking Regulation Act, 1949 239
10. Office Memorandum on refusal of banks to credit foreign contribution 239
Annexure A Charter for the Banks 240
Annexure B Master Circular on Implementation of the Provisions of Foreign Contribution (Regulation) Act, 2010 244
Annexure C List of Circulars on FCRA, 2010 Consolidated in the Master Circular 252
Annexure D Office Memorandum 253
Chapter 25
Administrative/Establishment Expenses and
Speculative Investments
1. Brief introduction 255
2. Administrative expenses – Meaning 256
3. What does not constitute administrative expenses? 259
4. Object of bringing ceiling 260
5. Requirement of the provisions of FCRA, 2010 260
6. Speculative investments 261
7. Whether business activity can be construed as speculative activity? 261
8. Maintenance of register for investments 262
9. Restriction on administrative expenses 262
10. Separate accounting not necessary 262
11. Requirement to furnish in Form FC-4 262
12. Compounding fees 262
13. Position of administrative expenses – whether can be bifurcated prior to 29.9.2020 and past 262
14. Computation of administrative expenses – basis 263
15. Depreciation 263
16. Written off assets 264
17. FAQs issued by FCRA Dept, Ministry of Home Affairs 264
Chapter 26
Books of Accounts and Method of Accounting
1. Brief introduction 265
2. Mandatory requirement 265
3. Basis of accounting 266
4. Requirements under Companies Act, 2013 266
5. Requirements under Income Tax Act, 1961 266
6. Reasons for selecting the basis of accounting for entities other than Section 8 or Section 25 Companies 267
7. Books to be maintained 268
8. Need for maintenance of books of accounts by Charitable Trusts or Institutions 269
9. Expenditure in excess of `20,000 270
Annexure Advisory to associations registered/granted prior permission under FCRA, 2010 to incur expenditure above `20,000 by cheque/drafts. 271
Chapter 27
Audit of Accounts and Filing of Returns
1. Brief introduction 272
2. Filing of Returns on Statements 272
3. Procedure for filing Annual Returns 273
4. Audit Certificates 274
5. NIL Return 275
6. Who should sign Form FC-4? 275
7. Delay in filing Form FC-4 276
8. Penalties for delay in filing/non-filing of Annual Return Form FC-4 276
9. Extension of Time for filing Annual Return Form FC-4 277
Annexure A Charter for Chartered Accountants 279
Annexure B Extraordinary Part II Section 3 –Sub Section II Published by Authority 279
Annexure C Important Notice for filing of Annual Returns under FCRA, 2010 281
Chapter 28
Legal Due Diligence
1. Brief introduction 282
2. Process involved 282
3. Impact under the Income Tax Act, 1961 288
Chapter 29
Custody and Management of Foreign Contribution and Assets
1. Brief introduction 289
2. Text of the provisions of the Act and Rules 289
3. Powers of the Central Government in respect of custody and management of assets 290
4. Position of Central Government in case the association ceases to exist 291
Annexure 292
Chapter 30
FCRA Assets — Investments and Fixed Assets
1. Brief introduction 293
2. Income on investments 293
3. Fixed assets 293
4. Sale of assets 294
5. Treatment in the books of account 294
Chapter 31
Procedure for Change in Name, Aims, Objectives, Address
1. Brief introduction 295
2. Amendment made by the Foreign Contribution (Regulation) Amendment Rules, 2015 295
3. Documentary Evidences 296
4. Time limit for furnishing information 296
5. Opportunity to update details of Change in Office bearers/Key Functionaries 296
Annexure 1 Online submission and approval from the Ministry of Home Affairs before effecting any change in the list of office bearers/ key functionaries of FCRA registered associations. 298
Annexure 2 299
Chapter 32
Funds Transfer to Unregistered Organisations
1. Brief introduction 301
2. Statutory requirements 302
3. Requirements for transferring the foreign contributions to unregistered persons 303
4. FAQs issued by Ministry of Home Affairs 304
Chapter 33
International Activities, Transfers
1. Brief introduction 305
2. Guidelines to foreign institutions for conducting international conferences 305
3. Guidelines to organisers of international conference in India 305
4. What is international conference, etc? 306
5. What does not constitute an international conference, etc.? 306
6. How to proceed for a clearance? 306
7. What is nodal/administrative Ministry? 306
8. Time frame required to be followed 307
9. Visa to the foreign participants 307
10. In case of difficulty in getting visa 307
11. Onus of obtaining clearance for event 307
12. Steps to be taken for smooth clearance of event 307
13. FAQs relating to Conference Visa 308
14. Compliance required under the Foreign Exchange Management Act, 1999 308
Annexure Frequently Asked Questions relating to Conference Visa 309
Chapter 34
NRI or Foreign National can be a Board Member
1. Brief introduction 316
2. Restrictions for NRI or foreign national to become a board member 316
3. Can a foreign national be a board member/executive committee member? 316
4. Requirement to report in FCRA Forms 317
5. FAQs issued by Ministry of Home Affairs 318
Chapter 35
Composition of Change in Board Members
1. Brief introduction 320
2. Amendment – Text of the requirement 321
3. Date of composition to be taken 322
4. Computation of 50% of board members 322
5. Consequences of failure 322
6. Whether the clauses contained in the application have a binding force? 323
7. Opportunity to update details of Change in Office bearers/Key Functionaries 323
Chapter 36
Funds – Loans – Domestic and Other Sources
1. Brief introduction 324
2. Reasons for borrowing 324
3. Position of loans when received for FC project 324
4. Practical example 325
Chapter 37
Funds — Internally Generated, Borrowings,
Voluntary Contributions
1. Brief introduction 326
2. Types of funds 326
3. Tied up grants 329
4. Charity boxes 330
5. Corporate Social Responsibility 330
6. Services rendered 330
7. Position in respect of capital contribution of section 8 of Companies Act, 2013 331
8. Funds through ‘Western Union’ 331
Chapter 38
Foreign Contribution Received in Kind
1. Brief introduction 332
2. Foreign contribution received in kind by securities 332
3. Position on sale of securities for the purposes of FCRA, 2010 332
4. Filing of Returns 333
5. Quantification of value 333
Annexure Modes of investment prescribed under section 11(5) of Income Tax Act, 1961 334
Chapter 39
Inspection, Search and Seizure
1. Brief introduction 336
2. Text of the provisions 336
3. Inspection of accounts or records 338
4. Seizure of accounts and records 339
5. Seizure of article or currency or security received in contravention of the Act 340
6. Disposal of seized article or currency as security 340
7. Seizure to be made 341
Chapter 40
Appeals under FCRA, 2010
1. Brief introduction 344
2. Text of the provision 344
3. Appealable Orders 345
4. Time limit for appeal 345
5. No appeal 345
6. Appeal before the Court of Sessions 346
7. Appeal to the High Court 346
8. Form of appeal 346
Chapter 41
Revision of Order by Central Government
1. Brief introduction 347
2. Text of the Provision 347
3. Revision powers vested with the Central Government 348
4. Time limit for making revision 348
5. Application and prescribed fee 348
6. No revision of order 349
7. What orders can be revised? 349
8. FAQs issued by Ministry of Home Affairs 349
Chapter 42
Offences and Penalties
1. Brief introduction 351
2. Mandatory requirements of compliances 351
3. Provisions dealing with offences and penalties 352
Annexure A Notification Regarding Investigating Authority and Agencies 359
Annexure B 360
Chapter 43
Compounding of Offences
1. Brief introduction 362
2. Meaning of the expression ‘Compounding of certain offences’ 362
3. Circumstances for compounding of offences 362
4. When compounding is permissible 363
5. Restriction of period 363
6. Effect of compounding 363
7. Text of the provision 363
8. Fees to be paid 364
9. Enumeration of the list of offences than can be compounded and penalties thereof 364
10. Failure to pay the penalty 365
Annexure List of offences and penalties that can be compounded 366
Chapter 44
Power to Make Rules
1. Brief introduction 369
2. Orders and rules to be laid before the Parliament 371
Chapter 45
Power to Remove Difficulties
1. Brief introduction 372
2. Text of the provision 372
3. Objective of the provision 372
Chapter 46
Central Government’s Power to Exempt and Other Powers
1. Brief introduction 373
2. Power to exempt in certain cases 373
3. Provisions of FCRA, 2010 do not apply to Government transactions 373
Chapter 47
Application of Other Laws not Barred
1. Brief introduction 374
2. Text of the provision 374
3. Object of this provision 374
Chapter 48
Repeal and Saving
1. Brief introduction 375
2. Text of the provision 375
Chapter 49
Whether FCRA will Apply to Central or
State Government Organisations
1. Brief introduction 377
2. Exception to applicability of FCRA, 2010 377
3. Central Government or State Government organisations not subject to audit by CAG 377
Annexure A 378
Chapter 50
Projects Grants, Grant-in-Aid — Applicability of FCRA
1. Brief introduction 379
2. Grants 379
3. Sources of Grants 379
4. Types of grants 380
5. Project grants or grants-in-aid 381
6. Tied-up grants 382
Chapter 51
Liaison and Branch Office of Foreign Trust or Institution — Activities in India
1. Brief introduction 383
2. Establishment of Liaison or Branch Office in India 383
3. Applicability of FCRA 384
4. Applicability of FCRA, 2010 to Branch Office for remittances other than from Head Office 385
Annexure A Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016 389
Annexure B Master Direction-Establishment of Branch Office (BO)/Liaison Office (LO)/Project Office (PO) or any other place of business in India by foreign entities 401
Annexure C Frequently Asked Questions 417
Chapter 52
Corporate Social Responsibility
1. Brief introduction 421
2. Meaning of corporate social responsibility 422
3. Criteria for applicability of CSR 422
4. Constitution of Corporate Social Responsibility Committee 423
5. Composition of CSR Committee 423
6. CSR policy 424
7. Role of CSR Committee 424
8. Amount to be spent 424
9. Shortfall in CSR spending 424
10. Unspent Corporate Social Responsibility Account 425
11. Can company spend more than 2%? 425
12. Responsibilities of the Board 425
13. CSR expenditure 425
14. CSR reporting 426
15. Display of CSR activities on its website 427
17. Activities 427
18. CSR implementation 427
19. Collaboration with other companies 428
20. Utilisation of funds 428
21. Monitoring of projects 428
22. Tax benefits of CSR 428
23. Tax treatment under section 35AC of the Income Tax Act, 1961 428
25. Applicability of CSR under FCRA, 2010 430
26. FAQs 432
Annexure I Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022 434
Annexure II Schedule VII (Sections 135) 456
Chapter 53
Frequently Asked Questions (with Additional Questions),
Circulars, Charters, etc.
1. FAQs on FCRA 460
I. Introduction to the Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010) 460
II. Key Definitions and Concepts under FCRA, 2010 460
A. Foreign Contribution 460
B. Foreign Source 463
C. Other key definitions and concepts 465
III. Registration and prior permission 466
A. Eligibility 466
B. Executive committee 468
C. How to apply 469
D. Filling of online form 469
E. Required documents 470
F. Payment of fee 471
G. Status of online form 472
IV. Acceptance and Utilization of foreign contribution 472
A. Acceptance 472
B. Administrative expenses 473
C. Utilisation of funds 473
D. Transfer of foreign contribution 474
E. Maintenance of accounts 474
V. Filing of annual returns 475
VI. Banks and banking related issues 475
VII. Change in name, address, objectives, FC account details, etc 476
VIII. Renewal of registration 476
IX. Revision of an order under section 32 of the FCRA, 2010 477
X. Offences and penalties and compounding of certain offences 478
A. Suspension/cancellation 481
B. Suspension of certificate of registration 481
XII. Foreign hospitality 482
Annexure 484
Chapter 54
Foreign Contribution (Regulation) Act, 2010 as amended by
Foreign Contribution (Regulation) Amendment Act, 2020
Chapter I
Preliminary
1. Short title, extent, application and commencement 497
2. Definitions 497
Chapter II
Regulation of Foreign Contribution and Foreign Hospitality
3. Prohibition to accept foreign contribution 501
4. Persons to whom Section 3 shall not apply 502
5. Procedure to notify an organisation of a political nature 503
6. Restriction on acceptance of foreign hospitality 504
7. Prohibition to transfer foreign contribution to other person 504
8. Restriction to utilise foreign contribution for administrative purpose 504
9. Power of Central Government to prohibit receipt of foreign contribution, etc., in certain cases 505
10. Power to prohibit payment of currency received in contravention of the Act 506
Chapter III
Registration
11. Registration of certain persons with Central Government 506
12. Grant of certificate of registration 507
12A. Power of Central Government to require Aadhaar number, etc., as identification document 509
13. Suspension of certificate 509
14. Cancellation of certificate 510
14A. Surrender of certificate 510
15. Management of foreign contribution of a person whose certificate has been cancelled [or surrendered] 510
16. Renewal of certificate 511
Chapter IV
Accounts, Intimation, Audit and Disposal of Assets, etc.
17. Foreign contribution through scheduled bank 511
18. Intimation 512
19. Maintenance of accounts 512
20. Audit of accounts 513
21. Intimation by candidate for election 513
22. Disposal of assets created out of foreign contribution 513
Chapter V
Inspection, Search and Seizure
23. Inspection of accounts or records 513
24. Seizure of accounts or records 514
25. Seizure of article or currency or security received in contravention of the Act 514
26. Disposal of seized article or currency or security 514
27. Seizure to be made in accordance with Act 2 of 1974 515
Chapter VI
Adjudication
28. Confiscation of article or currency or security obtained in contravention of the Act 515
29. Adjudication of confiscation 515
30. Procedure for confiscation 515
Chapter VII
Appeal and Revision
31. Appeal 515
32. Revision of orders by Central Government 516
Chapter VIII
Offences and Penalties
33. Making of false statement, declaration or delivering false accounts 517
34. Penalty for article or currency or security obtained in contravention of Section 10 517
35. Punishment for contravention of any provision of the Act 517
36. Power to impose additional fine where article or currency or security is not available for confiscation 517
37. Penalty for offences where no separate punishment has been provided 518
38. Prohibition of acceptance of foreign contribution 518
39. Offences by companies 518
40. Bar on prosecution of offences under the Act 518
41. Composition of certain offences 518
Chapter IX
Miscellaneous
42. Power to call for information or document 519
43. Investigation into cases under the Act 520
44. Returns by prescribed authority to Central Government 520
45. Protection of action taken in good faith 520
46. Power of Central Government to give directions 520
47. Delegation of powers 520
48. Power to make rules 520
49. Orders and rules to be laid before Parliament 522
50. Power to exempt in certain cases 522
51. Act not to apply to certain Government transactions 522
52. Application of other laws not barred 522
53. Power to remove difficulties 522
54. Repeal and saving 522
Annexure 1 The Foreign Contribution (Regulation) Amendment Act, 2020 524
Chapter 55
Foreign Contribution (Regulation) Rules, 2011
as amended by Foreign Contribution (Regulation)
(Amendment) Rules, 2020 and 2022
1. Short title and commencement 528
2. Definitions 528
3. Guidelines for declaration of an organisation to be of a political nature, not being a political party 528
4. Speculative activities 529
5. Administrative expenses 529
6. Intimation of receiving foreign contribution from relatives 530
6A. When articles gifted for personal use do not amount to Foreign Contribution 530
7. Receiving foreign hospitality by specified categories of persons 530
8. Action in respect of article, currency or security received in contravention of the Act 531
9. Application for obtaining ‘registration’ or ‘prior permission’ to receive foreign contribution 532
9A. Permission for receipt of foreign contribution in application for obtaining prior permission 535
10. Validity of certificate 536
11. Maintenance of accounts 536
12. Renewal of registration certificate 536
13. Declaration of receipt of foreign contribution 538
14. Extent of amount that can be utilised in case of suspension of the certificate of registration 538
15. Custody of foreign contribution in respect of a person whose certificate has been cancelled 539
15A. Voluntary surrender of certificate 539
16. Reporting by banks of receipt of foreign contribution 539
17. Intimation of foreign contribution by the recipient 540
17A. Change of Designated bank account, name, address, aims and objectives or key members of the Association 541
18. Foreign contribution received by a candidate for election 541
19. Limit to which a judicial officer, not below the rank of an Assistant Sessions Judge may make adjudication or order confiscation 542
20. Revision 542
21. Compounding of offence 542
22. Returns by the Investigating Agency to the Central Government 542
23. Authority to whom an application or intimation to be sent 542
[24. * * *] 543
Annexure 1 Foreign Contribution (Regulation) (Amendment) Rules, 2019 545
Annexure 2 Foreign Contribution (Regulation) (Second Amendment) Rules, 2019 547
Annexure 3 Foreign Contribution (Regulation) (Amendment) Rules, 2020 548
Annexure 4 Foreign Contribution (Regulation) Amendment Rules, 2022 553
Chapter 56
Prevention of Money Laundering Act, 2002
as applicable to NPOs
1. Brief introduction 555
2. Amendment 555
3. Reasons of applicability to non-profit organisations 556
4. Frequently asked questions 556
Annexure 1 The Prevention of Money-Laundering (Amendment) Act, 2005 560
Annexure 2 Notification No. 13/2009 – Amendment to Rules 562
Annexure 3 Amendments to the Prevention of Money-Laundering Act vide Finance Act, 2015 565
Annexure 4 Amendments to Prevention of Money-Laundering Act, 2002 by Finance Act, 2016 567
Annexure 5 Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2017 568
Annexure 6 Prevention of Money-laundering (Maintenance of Records) Fifth Amendment Rules, 2017 569
Chapter 57
Filling of Annual Returns of Assets and Liabilities under
Lokpal and Lokayukta Act, 2013 by
Individual of an Association571
Chapter 58
Practical Case Studies577
Chapter 59
Practical Illustration of Form FC-1
1. Brief Introduction 583
2. Action points 583
Form FC-1 Intimation to the Central Government of receipt of foreign contribution by way of gift from relative by an individual/ foreign contribution in the form of articles/securities/by a candidate for election [section 21 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010)] 584
Chapter 60
Practical Illustration of Form FC-2
1. Brief Introduction 588
2. Action points 588
Form FC-2 Application for seeking prior permission of the Central Government to accept foreign hospitality 589
Chapter 61
Practical Illustration of Form FC-3A
1. Action points 592
2. Activities 592
3. Constitution 592
4. Conditions 593
Form FC-3A Application for ‘registration’ under sub-section (1) of section 11 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010) for the acceptance of foreign contribution by a Person/ association having definite cultural, economic, educational, religious or social programme 594
Chapter 62
Practical Illustration of Form FC-3B
1. Action points 600
2. Activities 600
3. Constitution 600
4. Conditions 601
5. Permission for receipt of foreign contribution in application for obtaining prior permission 601
6. Application fee for grant of Prior Permission 602
7. Application made for prior permission but not disposed of 602
FORM FC-3B Application for ‘prior permission’ under sub-section (2) of section 11 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010) for the acceptance of foreign contribution by a person/association having definite cultural, economic, educational, religious or social programme 602
Chapter 63
Practical Illustration of Form FC-3C608
Chapter 64
Practical Illustration of Form FC-4614
Chapter 65
Practical Illustration of Form FC-6A621
Chapter 66
Practical Illustration of Form FC-6B623
Chapter 67
Practical Illustration of Form FC-6C625
Chapter 68
Practical Illustration of Form FC-6D627
Chapter 69
Practical Illustration of Form FC-6E629
Chapter 70
Practical Illustration of Form FC-7631
Chapter 71
Charity
1. What is charity? 633
2. Can the expression ‘charity’ have a wider connotation? 633
3. What are the essential requirements to be satisfied for an activity to constitute as ‘charity’? 633
4. What are the factors that influence charity? 633
5. What is the meaning of the word ‘eleemosynary’? 634
6. Is the principle of eleemosynary essential to satisfy the test of ‘charity’ under the Income Tax Act, 1961? 634
Chapter 72
Charitable Purpose
1. What is the meaning of ‘charitable purpose’? 635
2. Is the definition of charitable purpose under section 2(15) an exhaustive one? 635
3. Are the elements of charitable purpose mutually exclusive? 635
4. What is the genesis of definition of charitable purpose under section 2(15)? 636
5. Is the charitable nature of the objects of any trust or institution questionable every year post-registration? 636
6. Are charitable and religious trusts or institutions entitled for exemption? 636
7. What are the changes made in the definition of charitable purpose by the Finance Act, 2008 and 2011? 636
8. What are the changes made by the Finance Act, 2015? 637
9. What is the effect of the amendment made by the Finance Act, 2015? 637
10. If a trust or institution having an object of advancement of any other general public utility engages in business activity or services, whether the objects are still considered as charitable? 638
Chapter 73
Relief of Poor
1. What do you mean by ‘relief of poor’ as contained in the definition of section 2(15) of the Income Tax Act, 1961? 639
2. What are the pre-conditions to be satisfied to fall within ‘relief of poor’? 639
3. To claim relief of poor, should public be benefited? 639
4. Does self-help lending to poor women fall under the relief of poor? 640
5. Does assisting in marriage expenses fall under the relief of poor? 640
6. Does providing relief to person suffering from ill health, indigence fall under the relief of poor? 640
7. Does assisting unemployed fall under the relief of poor? 640
8. Does providing benefit to poor members of family fall under the relief of poor? 640
9. On whom does the burden of proof for ‘relief of poor’ fall? 641
10. Whether proviso to section 2(15) applies to relief of poor? 641
Chapter 74
Education and Medical Relief
1. What is education? 642
2. What are the amendments made by the Finance Act, 2015, w.e.f. 01.04.2016 in respect of education? 642
3. Whether education is considered as a charitable purpose under the Income Tax Act, 1961? 642
4. Whether ‘education’ can be confined only to normal schooling? 643
5. What are the conditions to be satisfied for ‘education’ under section 2(15) to claim exemption under section 11? 643
6. Activities held as educational by the courts 644
7. Activities held not education 648
8. What are the between ‘education’ as used in sections 2(15) and 10(23C), respectively? 649
9. Why should ‘education’ as provided under sections 2(15) and 10(23C) be distinguished? 650
10. What is ‘medical relief’? 650
11. What is the scope of ‘medical relief’ as provided under the Income Tax Act, 1961? 650
12. Whether proviso to section 2(15) will apply to medical relief? 650
Chapter 75
Advancement of any Other General Public Utility
1. What is the meaning of ‘advancement of any other general public utility’ under the Income Tax Act, 1961? 651
2. Is the residuary clause of ‘advancement of any other general public utility’ an exhaustive one? 651
3. What is the meaning of the expression ‘general public’? 652
4. To be constituted as ‘public’, should every person get the benefit of trust or institution? 652
5. Whether in pursuance of object of general public utility can income be earned out of trade, business or commerce or providing of services? 652
6. What are the amendments made by the Finance Act, 2011 and 2014? 653
7. Under what circumstances are the objects not considered as general public utility? 653
8. Instances along with judicial interpretations, satisfying the object of ‘advancement of general public utility’ 654
9. Instances along with judicial interpretations where the institutions were denied exemption under the object of ‘advancement of general public utility’ 661
10. Whether preservation of monuments, places, or objects of artistic or historic interest is a charitable object? 662
Chapter 76
Basics of Formation of Trust, Society, Section 8 Company
1. What are the different forms of constitution for achieving charitable objects? 663
2. Under which enactment can these options be exercised? 663
3. What are the governing principles to be considered while selecting the forms of constitution? 663
4. Briefly explain each of the above governing principles for selection of the form of constitution for charitable objects 664
Chapter 77
Formation of Trust
1. What is the meaning of trust? 666
2. What are the elements required to constitute a valid trust? 666
3. Who is an author or settlor of the trust? 667
4. Who is a trustee? 667
5. Whether a formal approval is required from a person to become a trustee? 667
6. Who is a beneficiary? 667
7. Is formal approval required from the beneficiaries? 667
8. What is the meaning of ‘trust property’? 668
9. What is the subject matter of trust? 668
10. Whether divestiture of property is required to constitute a valid trust? 668
11. Whether the objects of the trust have to be defined? 669
12. What is declaration of trust? 669
13. Whether a formal deed of trust is required? 669
14. For the purposes of the Income Tax Act, 1961, whether a formal deed is a must? 669
15. Who can create a trust? 669
16. Who is a person competent to enter into a contract? 670
17. Whether a minor can create a trust? 670
18. Whether a person of unsound mind can create a trust? 670
19. How can a trust be created? 670
20. What are the contents of a trust deed? 671
21. Are execution and registration of trust deed necessary? 671
22. What are the different forms of classification of trusts? 671
23. Briefly explain each type of trusts given in answer to Q. 22. 671
24. Can a trust be created by book entries? 674
25. Can a partner of a firm create a trust? 674
Chapter 78
Formation of a Society (under the Societies Registration Act, 1860)
1. What is a society? 675
2. What are the purposes for which a society can be formed? 675
3. What are the procedures to be complied with to register a society under the Societies Registration Act, 1860? 676
4. What is the significance of registration of a society under the Societies Registration Act, 1860? 676
5. Who is qualified to be a member of a society? 676
6. What are the rights of the members? 677
7. What are the duties of the members? 677
8. How is the executive board constituted? 677
9. Who can inspect the documents of a society? 677
10. What are the documents to be filed annually with the registrar of societies? 678
11. Can a foreign national become a member of a society? 678
12. Are there any restrictions under the Foreign Exchange Management Act, 1999 or Foreign Contribution (Regulation) Act, 2010 for a foreign national to become a member of a society? 678
13. What are the conditions to be satisfied under the Foreign Contribution (Regulation) Act, 2010 for a foreign national to become a member of a society? 678
14. What are the other statutory compliances to be complied by a society? 679
Chapter 79
Formation of Section 8 Company
1. What is a section 8 company? 680
2. What are the differences between section 8 of the Companies Act, 2013 and section 25 of the erstwhile Companies Act, 1956? 681
3. Can a section 8 company seek registration under section 12A of the Income Tax Act, 1961? 681
4. Can a donor get benefit for donation given to section 8 company? 682
5. What are the features of a section 8 company? 682
6. What is the procedure for incorporation of section 8 company? 682
7. How is the management of a section 8 company done? 686
8. How can a bank account be opened for a section 8 company? 686
9. Can the licence once given under section 8 be revoked? 686
10. Can a partnership firm become a member of section 8 company? 687
11. What are the provisions relating to board meetings? 687
12. What are compliances to be made with regard to annual general meetings? 687
13. What are the requirements regarding maintenance of books of accounts of a section 8 company? 688
14. What the requirements regarding audit of accounts of section 8 companies? 688
15. What are the compliances to be made while filing of annual accounts? 689
16. Can a section 8 company receive foreign donations? 689
17. Can a foreigner be a director on the board? 689
18. What are the advantages and disadvantages of incorporating a section 8 company over trust or society? 689
Chapter 80
Registration of Trust under section 12A
1. Is registration of a trust or institution a mandatory requirement? 691
2. Where trusts or institutions are registered under any other enactments, are they required to be registered under sections 12A and 12AA of the Income Tax Act, 1961? 692
3. Does registration under sections 12A and 12AA automatically confer exemption? 692
4. Who can make an application for registration under section 12A? 692
5. Which form is used for making an application for registration under section 12A? 692
6. Who can sign Form No. 10A? 692
7. To whom should the application for registration be filed? 693
8. What are the documents to be furnished for making an application for registration of trust or institution? 693
9. Whether a formal deed of trust is necessary for registration under section 12A? 693
10. Whether religious trusts are also entitled for registration under sections 12A and 12AA? 694
11. Whether section 25 or section 8 company is entitled to registration under sections 12A and 12AA of the Income Tax Act, 1961? 694
12. Whether trusts or institutions registered under section 12A can also seek approval under section 10(23C)? 695
13. What is the prescribed time for making application for registration under section 12A? 695
14. Can an application for registration under section 12A be filed belatedly? 695
15. What are the changes made by the Finance Act, 2014? 695
16. What is the effect of the amendment made by Finance Act, 2014? 696
17. What is the effect of non-registration under section 12A(1)(a)? 698
18. Whether renewal of registration is required? 698
19. Can a duplicate certificate of registration be issued? 698
Chapter 81
Procedure for Registration of Trust or
Institution under section 12AA/12AB
1. Briefly explain the scheme of the procedure for registration under section 12AA of the Income Tax Act, 1961. 700
2. What are the procedures to be followed on receipt of application? 700
3. What is the meaning and importance of the expression ‘genuineness of activities’ of the trust or institution? 701
4. What is the position in case of newly constituted trust or institution regarding satisfying the genuineness of the activities of the trust or institution? 702
5. What is the position of existing trusts or institutions with regard to satisfying the genuineness of the activities of the trust or institution? 702
6. What are the consequences of filing an incomplete application form? 702
7. Whether carrying an activity in India at the time of granting registration is necessary? 703
8. Whether reasonable time has to be given to furnish documents required for registration? 703
9. What is the time limit for passing an order of registration or refusal for registration under section 12A? 703
10. What is the meaning of the expression of ‘before the expiry of the period’ as occurring in section 12AA(2)? 703
11. When order is not passed before the expiry of 6 months, can it be deemed as granted registration? 704
12. Is conditional registration possible? 704
13. Whether an opportunity of being heard has to be given when refusing to grant registration? 704
14. Whether refusal to grant registration must be a speaking order? 705
15. Whether application of mind is necessary before refusal of registration? 705
16. What is the effective date of order of granting registration? 705
17. What is the effect of granting of registration under section 12A? 705
18. Whether procedure for granting registration differs from assessment procedure? 705
19. Whether granting registration under section 12AA is just a formality? 706
20. Whether registration once granted can be cancelled? 706
21. Is justification required for cancelling the registration? 706
22. Will exemption apply till the cancellation of registration? 707
23. In the absence of an element of charity, can registration be granted? 707
24. When there is an intention to earn profit, whether registration can be granted? 707
25. Can staff welfare be considered as a charitable object for granting registration? 707
26. Whether organising exhibition falls under charitable purpose for granting registration? 707
27. Whether acting as agent for bank is a charitable activity for granting registration? 708
28. Whether examining the application of income is necessary at the time of granting the registration? 708
29. Can cancellation of benefit of section 80G be a ground for cancelling registration under section 12A? 708
30. Can the application for registration be rejected on the grounds that there are trustees from same family? 708
31. Is source of income of trust or institution important at the time of registration? 708
32. Whether micro financing is a charitable activity for the purposes of registration? 708
33. Is complaint against management a ground for rejection of registration? 708
34. Is non-application for registration for several years and non-filing of returns of income a ground for denying registration? 708
35. What are the changes made by the Finance (No 2) Act, 2014 with regard to Cancellation of Registration under section 12AA? 709
36. What is the effect of the changes made by the Finance Act, 2014? 709
Chapter 82
Income of Charitable or Religious Trusts or Institutions
1. What are the different types of income that are applicable to charitable trusts or institutions? 719
2. What is ‘real income’? 720
3. Whether real income is to be considered while calculating exemption under section 11 of the Act? 720
4. What is hypothetical income? 720
5. Whether mere passing of book entries can be considered as income? 720
6. Whether following the mercantile system of accounting will determine the income? 720
7. Whether classification of income under section 14 applies to charitable trusts or institutions? 721
8. Whether TDS deducted from the income has to be grossed up? 721
9. Whether tax refund is an income derived from the property held under trust? 721
10. Whether taxes paid can be considered as application of income? 721
11. Whether membership fees/subscription is a voluntary contribution? 721
12. Whether subscriptions received is considered as income derived from property held under trust? 722
Chapter 83
Application of Income
1. What is the meaning of the expression ‘applied’ as used in section 11(1)(a)? 723
2. Whether ‘applied’ is the same as ‘spent’? 723
3. What is the scope of the expression ‘applied’? 724
4. Will mere passing book entries amount to ‘application’? 724
5. Whether amount earmarked for future spending is an application? 724
6. Whether application of income in India is a must? 724
7. Whether application has to be viewed in its entirety? 724
8. Whether application of income is on total or net income? 725
9. Whether establishment expenses of charitable trust or institution is ‘application’? 725
10. Whether capital expenditure is an application? 725
11. Whether writing off loan advanced to weaker section is an application? 725
12. Whether repayment of debt is an application? 725
13. Whether loan scholarship given to students is an application? 726
14. Is loan scholarship returned from students an income? 726
15. Whether expenses incurred for defending functionaries and members are considered as application? 726
16. Whether salary paid to trustees and managers is an application? 726
17. Whether reserve fund created is an application of income? 727
18. Whether payment as advance to supplier is an application? 727
19. Whether depreciation amounts to application? 727
Chapter 84
Prescribed Mode of Investment
1. What are the prescribed modes of investments under section 11(5)? 728
2. Under what circumstances do investments under section 11(5) arise? 728
3. Circumstances where investments arise under section 11(5) 729
4. What is the time limit fixed for making an investment? 729
5. Will deposit in public sector company satisfy as investment under section 11(5)? 730
6. Whether deposit or investment in public company which deals in long-term finance be considered as an investment under section 11(5)? 730
7. Whether deposit or investment made in any bonds issued by public company engaged in urban infrastructure be considered as an investment under section 11(5)? 730
8. Whether investment in immovable property satisfy section 11(5)? 730
9. Whether investment made in Indira Vikas Patra be considered as an investment under section 11(5)? 730
10. Whether depositing in current account is an investment under section 11(5)? 730
11. What are the consequences for failure to invest or deposit under section 11(5) of the Act? 731
12. Whether entire exemption will be forfeited in case of violation of section 11(5)? 731
13. Whether failure to invest under section 11(5) for reasons beyond the control of assessee can be exempt? 731
14. What are the modes of investment prescribed under section 11(5)? 732
Chapter 85
Overview of Forfeiture of Exemption
1. What is the scope of section 13 of the Income Tax Act, 1961? 734
2. Whether section 13 has an overriding effect on exemption as contained in sections 11 and 12? 734
3. What is the effect of applicability of section 13? 734
4. Give a brief overview of circumstances in which section 13 applies? 735
5. Who are interested/specified persons? 735
6. What is the effect of transaction with specified persons? 736
7. Whether non-compliance of section 13(1)(d) will result in forfeiture of entire exemption? 736
Chapter 86
Taxation of Charitable or Religious Trusts or Institutions
1. What are the provisions applicable for taxation of charitable or religious trusts or institutions? 737
2. What is the status of a trust for taxation purposes? 737
3. Under what circumstances income is exempt from tax in case of charitable trust or institution? 737
4. Under what circumstances does taxation arise for charitable or religious trusts or institutions? 738
5. Give a brief summary on provisions relating to chargeability of tax applicable to charitable or religious trust or institutions. 739
6. Explain the provisions of section 164(2)? 739
7. What is the manner of taxing under section 164(2)? 740
8. What is maximum marginal rate? 740
9. When does maximum marginal rate apply? 740
10. Whether maximum marginal tax applies on the whole income? 740
11. Explain the provisions of section 164(3)? 740
12. What is the manner of taxing under section 164(3)? 741
13. Enumerate the judicial cases for applicability of maximum marginal rate. 741
14. What is the charge of tax in case of oral trust? 741
15. What is the manner of taxation in case of section 25/section 8 company and society? 742
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