Monthly Archives: May 2014

Treatment of unclear balances accounted prior to 31st March

Posted on May 14, 2014 by SRRF

Hello Sir, We have received a cheque in USD from a foreign donor on 14/03/14 and have deposited the same in our FCRA Account on 14/03/14. But the cheque got credited in our Bank Account on 02/04/14. Since, Financial Year … Continue reading →

Posted in FCRA, TAX, LEGAL | 2 Comments

Audit over audit. Is it ethical and correct?

Posted on May 8, 2014 by SRRF

30th April 2014 Dear Friends, It has become a recent practice among Voluntary Organisations and Funding Agencies to enter into some sort of tripartite agreement with auditors designated by Funding Agencies to get the audited accounts of the project funded … Continue reading →

Posted in General | 10 Comments

Can we receive Indian Currency through Western Union in FCRA bank A/c?

Posted on May 6, 2014 by SRRF

Dear Friends,   Can Designated Bank (FC bank account) receive Indian Currency through Western Union, say for example From Canada to India?   Looking froward to hearing from you all.   Ajaya 

Posted in FCRA, TAX, LEGAL | 5 Comments

Corpus Fund

Posted on May 3, 2014 by SRRF

Dear All, Greetings from Hyderabad! Can the own funds of the NGO be converted into Corpus Fund based on the decision of the BoT/GB? Thanks and regards, — B V Soma Sastry

Posted in FCRA, TAX, LEGAL | 3 Comments

85% utilization

Posted on May 3, 2014 by SRRF

Dear All, Greetings from Hyderabad! This is with reference to the 85% utilization as per the provisions of the IT Act. My query is as under: There are certain projects for which funds are not received in the FY as … Continue reading →

Posted in FCRA, TAX, LEGAL | 3 Comments

Utilization of grants/donations received

Posted on May 2, 2014 by SRRF

Dear Sir I wanted to know if there is any notification /guideline (other than income tax requirements) regarding full utilisation of grants/ donations received by an NGO. This assumes importance in view of the CSR provisions of Companies Act 2013. … Continue reading →

Posted in FCRA, TAX, LEGAL | 1 Comment