To begin with, we would need to get a grasp of what it means to be a non-profit organization. A non-profit organization is one:Whose agenda is not for the purpose of making profits.
Whose activities are gear to produce benefits for others, usually outside the membership of the organization.
That exists independently of the state
That is self-govern by a board of trustees or managing committee/ governing council. The individuals that make up this board serve as legal trustees for the organization.
Can also run a business to make a profit as long as the profit. Remains within the organization for the purpose of.
A non-profit organization
A phone number library generally phone number library refers to a software library or package intended for various tasks related to processing phone numbers. They are used for validation, formatting, and parsing of phone numbers to international formats such as E.164, often with support for diverse regions and numbering plans.Here are some common features offered by many phone number libraries
Since the world runs on money
Even Non-profit organizations must run financial activities. Due to this; the need for a consensus on the standard for accounting in. Non-profit organizations has risen.The constitution outlines some of these standards, which include.
Income Tax Benefit for the Non
Profit Organization: Income received phone number library through donations. or grants by Non-profit organizations . Therefore, are not taxable as long as the income is use for the object of the company. However, to get this exemption. The organization must register with income tax authorities otherwise there are very less chance that your Income .Tax Return will be audit.
This is enshrine in section
0f the Internal Revenue Service tax code.To be Sale leads exempt from taxes, the organization must meet the following standards:Programs must be organize exclusively for charitable, scientific, religious or public safety purposes.The income they collect. Must be turned in to the benefit of causes who are lawfully consider as legitimate charities, such as.
The meeting the needs of poor
medical relief programs, education, preservation of the environment, etc. This is defined in section 2(5) of the IT act. If the non-profit organization carries out any commercial activity, the receipts of such activity should not exceed 20% of the total receipts of trust, or else the organization will be taxable.
Accounting for Grants Received.
Grants are seen in a different way by different Non-profit organizations. Some see it as income and thus, record it under the income column of the Income and Expenditure Account. Others see it as a liability because it was donated, not for random use by the organization but for future programs. The last point of view on this matter is.
that of grants as Income to the expense
Whatever is left from the income when expenditure is complete is known as a liability.In accounting for grants, the following must be included:Receipt and payment account that shows the summary of the cash and bank receipts.
Income & Expenditure account
This is more like a profit and loss account. Balance Sheet, which is a statement of all the assets and liabilities of the company. It is always prepare after the income and expenditure account.
3- Monetary Limits and Auditing: The Taxation Law Amendment Act, 2006, 1st April 2006 states that it is mandatory for every.
Non-profit organization to get
its account audited when its income exceeds the minimum exemption limit (Rs150, 000 according to Finance Act 2008). In the succeeding year, the organization must file their return of income.Technology is moving at rapid speed.
you are probably living in
the past where there is a dearth of employment opportunities. Things have probably changed and for better. If you are still serious about your career in the field of IT, you should take up blockchain course in Mumbai. Here are some reasons why to take up this course.
Continually evolving technology
According to the survey, right now only a small fraction of people are using blockchain technology, but as the internet continues to evolve, the future prospects of this technology are high. Blockchain course in Mumbai will provide you the concepts related to this technology, how to apply this technology in creating a decentralized application.
develop blockchain related skills
High demand for Blockchain technology- Blockchain is a growing sector and there are ample employment opportunities waiting for you in the market.
Rise of cryptocurrency
One of the recent technology that has gained prominence after the development of blockchain technology is Cryptocurrency. If you are interest in this field, then there are various institutes that provide you training in blockchain, cryptocurrencies, ICO and how to make smart investments and trading. If you are an ardent follower of this technology, it is important to learn this technology before investing in it.
Universal Infrastructure- Blockchain
and distributed ledger technology sync with each other to form a market infrastructure that further integrates into the different processes and existing system well.Learn different concepts of Data security- Blockchain training in Mumbai teaches you about one of the main aspects of this course data security. If you look closely at current.
