Many of you would be busy in filing of your FCRA Annual Return (FC6) since due date of 31st December is fast approaching. To facilitate the same, we provide some important points that you find useful for correct filing of FCRA return.
- Most important all organisations whether one has received foreign contribution or not must file FCRA returns. That means even if you have not received FCRA funds still file NIL return.
- Must ensure that return is filed within due date otherwise there will be penalties, even in case of nil returns penalties are being levied.
- File online return. We have put up a detailed guideline for filing of online return, alongwith screen shots and what you have to do on that screen. Click for more details.
- Before filing the return, one will need to prepare FCRA financial statements (Balance Sheet, Income & Expenditure & Receipt & Payment account). The FCRA Act does not prescribe any specific method of accounting, thus it is discretionary to the Association to shown the utilization either on actual payment basis or on Accrual Basis. Since the purpose of these accounts is to facilitate preparing of FC6 return, even ICAI recommended policies would not be applicable on FCRA accounts to be submitted to the FCRA Dept.
- Whatever method you follow make sure that the Bank balance as per accounts is in agreement with what is shown on the FC6. This will avoid unnecessary questions subsequently by Dept. in case of any queries.
- Under Part I of the FCRA online Return, overall figures are to be given.
- Under Part II please note detail addresses are required to be given where utilization has taken place. Please use this option and ensure that your return includes details of the places where activity has been conducted. There are no limits on the numbers and you can use this option for as many locations as required.
- Make sure you take a printout of the draft return before clicking on Final Submit and verify the return. Only once you are convinced about the correctness of the Return please submit the same to the Dept.
- Once final submission made, take printout have it signed by the Chief Functionary and submit it to the Dept. alongwith following documents;
- Accounts (Balance Sheet, Income & Expenditure, Receipts & Payments Account),
- Bank statements of designated account signed by bank official
- Chartered accountant certificate
If you require any support you can contact at – 9350184168.
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