What is the rule 17AA?
Asked by: Mr. Oswald Bashirian | Last update: May 2, 2025Score: 4.7/5 (59 votes)
1.09 Under Rule 17AA(3), the books of account and other documents as specified shall. be kept and maintained at its "registered office" 1.10. If the accounts are maintained other than the registered office or at various project.
What is section 17AA?
As per, New Income Tax Rule 17AA specified income Tax Form, Manner & Place for maintenance of Books of Account & other information & documents that must be maintained & keep the records in the case of NGOs/Trusts.
What is the 17A of Income Tax Act?
Amendment in Rule 17A - Simplified Registration Process for Charitable or Religious Trusts. Income-tax (Eleventh Amendment) Rules introduce changes to Rule 17A, which focuses on the application process for registration of charitable or religious trusts and institutions under section 12A of the Income Tax Act.
What is the rule 17A 3 and 17A 4?
SEC Rule 17a-4 & 17a-3
Records of certain transactions must be retained and indexed on indelible (WORM) media with immediate accessibility for a period of six months, and with non-immediate access for a period of at least two years. Duplicate records must also be kept within the same time frame at an off-site location.
What is the definition of books of accounts as per Income Tax Act?
Section 2(12A) of the Income Tax Act, 1961
As per IT Rule 6, the books of account must record all financial transactions, such as income and expenditure, purchases and sales, investments, advances, loans, payments/ receipts in cash or through bank account, any adjustments, etc.
Books of Accounts and other records prescribed for NGOs and NPOs | Rule 17AA | CBDT Notification
What constitutes books of accounts?
Books of Accounts include documents and books used in the preparation of financial statements. It includes journals, ledger, cash book and subsidiary books. A company's most frequent transactions involve the receipt and payment of money, the sale of goods, or both.
How many years do you need to keep financial records?
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return.
What is the new rule 17a-4?
The SEC amended Rule 17a-4 on October 12, 2022 to modify the requirements regarding the maintenance and preservation of electronic records, the use of third-party recordkeeping services to hold records, and the prompt production of records.
What is the SEC rule for books and records?
SEC Rule 204-2, also known as the SEC Books and Records Rule, outlines extensive requirements for such advisor bookkeeping, including: “A journal or journals, including cash receipts and disbursements, records, and any other records of original entry forming the basis of entries in any ledger.
What is 17a 7 SEC rule?
Rule 17a-7 requires funds to keep various records in connection with purchase or sale transactions effected in reliance on the rule. The rule requires the fund's board of directors to establish procedures reasonably designed to ensure that the rule's conditions have been satisfied.
What is income tax 17th Amendment?
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
What is the Exchange Act 17A?
Section 17A of the Act, and the rules promulgated thereunder, contain requirements for registered transfer agents relating to, among other things, processing securities transfers, safekeeping of investor and issuer funds and securities, and maintaining records of investor ownership.
What is Section 54F of Income Tax Act?
What is Section 54F of Income Tax Act? Section 54F of Income Tax Act 1961 provides an exemption on long-term capital gains when selling a capital asset other than a residential house, such as shares, stocks, bonds, or gold.
What is the meaning of 17A?
Section 17A. Enquiry or Inquiry or investigation of offences relatable to recommendations made or decision taken by public servant in discharge of official functions or duties.
What is Section 6662A?
IRC 6662A applies to understatements that are attributable to listed. transactions as defined by IRC 6707A(c)(2) and other reportable transactions as defined by. IRC 6707A(c)(1), if a significant purpose of the transaction is the avoidance of or evasion of. federal income tax.
What is Section 50AA of the Act?
What is Section 50AA of the Income-tax Act, 1961? Section 50AA provides special provisions for the computation of capital gains from Market-Linked Debentures and Specified Mutual Funds, categorizing their capital gains as Short-Term Capital Gains regardless of the holding period.
What constitutes books and records?
The Securities and Exchange Commission (SEC) defines “Books and Records” as “all books and records, ledgers, employee records, customer lists, files, correspondence, and other records of every kind (whether written, electronic, or otherwise embodied) owned or used by a person, or in which a person's assets, the ...
Who is considered an access person?
Under rule 204A-1, the adviser's code must require certain supervised persons, called "access persons," to report their personal securities transactions and holdings.23 An access person is a supervised person who has access to nonpublic information regarding clients' purchase or sale of securities, is involved in ...
What do SEC rules apply to?
- Investors.
- Securities brokers and dealers.
- Investment advisers.
- Mutual funds and other investment companies.
- Exchanges and self-regulatory organizations.
What are the SEC books and records rules 17a 3 and 17a-4?
Generally speaking, under SEC Rules 17a-3 and 17a-4, the 'general retention period' mandates that most records specified under Rule 17a-3 be kept for at least three years, with an emphasis on keeping the first two years' records readily accessible.
What is Rule 17a 6?
Rule 17a-6 (17 CFR 270.17a-6) permits a fund, or a company controlled by the fund, and a “portfolio affiliate” of the fund (a company that is an affiliated person of the fund because the fund controls the company, or holds five percent or more of the company's outstanding voting securities) to engage in principal ...
What is SEC Rule 17a 2?
Section 17(a)(2) requires that the defendant have been at least negligent about truth or falsity, while Rule 10b-5 requires the defendant to have been at least reckless about truth or falsity.
Does the IRS destroy tax records after 7 years?
Does the IRS destroy tax records after 7 years? No, the IRS destroys most individual returns after 6 years, unless the timeline is extended because they are associated with an “open balance due.” For example, returns filed in 2019 will likely be destroyed in 2026.
What records need to be kept for 7 years?
How long to keep records. Records must be kept for 6 years from the end of the financial year they relate. In essence this means you need to keep all records for 7 years (as it's 6 years plus a year to count for the financial year). HMRC has begun a compliance check into your Company Tax Return.
Is it safe to throw away old bank statements?
Bank statements and canceled checks. Even if they're old statements, they should be shredded. Your name, address, phone number, and bank account information are in those statements, along with your habits, purchases, and banking history. Even if the account is closed, shred it anyway.