Dear friends,
May I raise a related but different question for expert advice?
Grants need not be shown in the Balance Sheet excepting in Income and Expenditure Statement.
That way one can legally circumvent the tax and or ceiling limitations on unspent balances
At the financial year end. The MOU between the funding agency and the recipient clearly states that the grant is for a specific work(s).
Is such treatment correct or does it invite special treatment by MHA!
Uday Chaturvedi