Following query received from Mr. Sunil Kumar Suryavanshi of SAMARTHAN CENTRE FOR DEVELOPMENT SUPPORT.
Dear Sir
IT department provide ITR-7 online filling facility from this year. Some point are confuse to us as below:
PART A-GEN
d) Details of the project/institution run by you- ?
there is confusion : which project/institution, own fund project or all project which are funded by another donor.
SCHEDULE FA
Details of foreign assets
a) Bank : which bank, FCRA fund bank or bank places in outsight of India ?
b) Interest: ?
c) Investment in immovable property: which assets, which are purchased from FCRA fund or assets located outsight of India ?
Kindly give your valuable suggestions to help us for filling ITR-7
With Regards
—————————————
Sunil Kumar Suryavanshi
Accounts Department
SAMARTHAN CENTRE FOR DEVELOPMENT SUPPORT
36, Green Avenue, Chuna Bhatti, Kolar Road,
Bhopal M.P. 462 016
www.samarthan.org
Dear Mr. Suryavanshi,
You may consider the following feedback given in the text of your email itself.
All best!
Avineesh Matta
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Dear Sir
IT department provide ITR-7 online filling facility from this year. Some point are confuse to us as below:
PART A-GEN
d) Details of the project/institution run by you- ?
there is confusion : which project/institution, own fund project or all project which are funded by another donor.
Consider mentioning initiatives undertaken by you., e.g. Financial Inclusion, Rehabilitation of Physically handicapped or the like, being taken up by your institution.
SCHEDULE FA
Details of foreign assets
It is relevant if any of your assets are located outside the territorial jurisdiction of Indian Territory. To my understanding FCRA does not come into its ambit so are the assets acquired there from in India. Please refer to the instructions of Form ITR VII, it speaks as under. See the phrase highlighted in black text below.
(u|) Schedule FA,-
(i) This schedule is to be filled up by a resident assessee. It need not be filled up by a ‘not ordinarily
resident’ or a ‘non-resident’. Mention the details of foreign bank accounts, financial interest in any entity, details of immovable property or other assets located outside India. This should also include details of any account located outside India in which the assessee has signing authority.
a) Bank : which bank, FCRA fund bank or bank places in outsight of India ?
b) Interest: ?
c) Investment in immovable property: which assets, which are purchased from FCRA fund or assets located outsight of India ?