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Author Archives: SRRF
Lease of Land and Building made by Foreign Fund
Dear Members, I like to know whether the building and assets made by foreign donation collected by an organisation holding FCRA can be given to another organisation on lease basis. Whether lease or rent is permissible by the Ministry of … Continue reading
Posted in FCRA, TAX, LEGAL
3 Comments
Can a NRI transfer fund to NGO not having FCRA registration?
Sir, I have a query that our NGO BRWAS is Registered Under Societies Act 1961, WB (Not FCRA Registered) A NRI servicing in Singapore. He wants to transfer money for development of School in India .Can he transfer from his … Continue reading
Posted in FCRA, TAX, LEGAL
8 Comments
Form 10BD/10BE – Complications
Thanks for providing information on 80G donations which is really helpful. I have following further queries: 1. Do we need to report all the donations and grants i.e. FCRA and Local or only Local?2. If FCRA also then what do … Continue reading
Posted in FCRA, TAX, LEGAL
13 Comments
Responsibilities of an NGO on receipt of Donations
Till FY 2020-21, all donors who gave donations to NGOs, could claim tax benefit under section 80G on the basis of self declaration and attachment of a receipt issued by the NGOs receiving donations. The receipts normally have details of … Continue reading
Posted in FCRA, TAX, LEGAL
3 Comments
FCRA Queries
Sir, I would like to receive clarification for the below points: a) As a society having FCRA registration can we help other Institutions ( not belonging to us or neither registered with FCRA) acquire assets like Computers, Vehicle etc., … Continue reading
Posted in FCRA, TAX, LEGAL
1 Comment
Mandatory compliance requirements postponed
Accounting Software with Audit Trail: All companies are now required to maintain accounting system, which has audit trail. The Govt. has amended Companies (Audit & Auditors) Rules 2014. Requirement, which the companies were earlier required to comply effective 1-4-2022, now … Continue reading
Tax provisions likely to impact accounting systems for Non-profits
Accounting Software with Audit Trail: All companies are now required to maintain accounting system, which has audit trail. The Govt has amended Companies (Audit & Auditors) Rules 2014. In the proviso for Rule 3(1) it has stated that effective 1st … Continue reading
Posted in FCRA, TAX, LEGAL
1 Comment
FCRA Renewal extended yet again
FCRA Renewal has been again extended to 30th June 2022. A sigh of relief from the tension, that many of the NGOs who have been waiting endlessly for their renewal process to be completed, however the Dept. is yet to … Continue reading
Posted in FCRA, TAX, LEGAL
Comments Off on FCRA Renewal extended yet again
CSR Form 2 – Key Requirements explained
Filing Dates Form for FY 2020-21 has to be filed by 31st March 2022 separately as an online web Form. Form for subsequent years has to be filed as an addendum to Form AOC-4/AOC-4 XBRL/AOC-4 NBFC (Ind AS), as per … Continue reading
Posted in CSR
Comments Off on CSR Form 2 – Key Requirements explained
Tax Advise needed
A society registered under society act is running a educational institution.It is not yet registered under Sec 12A of Income tax act. In f y 2020-21 its revenue fee receipts from school are less than 1cr and after claiming all … Continue reading
Posted in FCRA, TAX, LEGAL
1 Comment