Author Archives: SRRF

KEY CHANGES IN TAX RULES & NEW FORMS

Posted on March 30, 2021 by SRRF

As many of you are aware that Income Tax Dept in March 2020 Budget had made it mandatory for all NGOs to renew their 12A, 80G and other certificates, however due to Covid many of these changes were not implemented. … Continue reading →

Posted in FCRA, TAX, LEGAL | 6 Comments

Clarification – Opening of FCRA A/c in SBI Delhi

Posted on March 18, 2021 by SRRF

Hi, ‎ We have received query from SBI Delhi which is given as follows:‎ Annexure II need to be filled by all the signatories and ‎designated members (post holder)in personal capacity. (only ‎sign of the customer is required without the … Continue reading →

Posted in FCRA, TAX, LEGAL | 4 Comments

Can a foreign loan be received by an NGO without FCRA?‎

Posted on March 17, 2021 by SRRF

Dear Sir/Madam A charitable organisation running educational institution is not yet registered under 12A of ‎income tax act and under FCRA. It is registered under Society act in 2020 and started ‎constructing building and for this one of the member … Continue reading →

Posted in FCRA, TAX, LEGAL | 3 Comments

How to account Training Income ?‎

Posted on March 13, 2021 by SRRF

A NGO has FCRA,   running a Training Center (Build out of FC amount), any organisation wants to organise training at this place out of the FC project activities. Need guidance how to book this income in books of account at … Continue reading →

Posted in FCRA, TAX, LEGAL | 1 Comment

How to utilize funds already in existing FCRA A/c

Posted on March 6, 2021 by SRRF

Dear Sir/Mam.  We have NGO. We have been working in rural area since the last 3 decades with foreign donation. I assume that I we will not be able to spend whole amount  deposited in BOI Branch till 31st March … Continue reading →

Posted in FCRA, TAX, LEGAL | 6 Comments

Consequences of not Renewing FCRA Registration ‎

Posted on March 6, 2021 by SRRF

Dear Sir, We are a registered society and a trust. We have an FCRA account in SBI with past funds received. We have also some assets purchased out of foreign funds rec’d in the past.  Now, what would happen if … Continue reading →

Posted in Education | 2 Comments

Clarification on Foreign Donation

Posted on February 19, 2021 by SRRF

Dear Sir/Mam, Need your guidance regarding donation from Foreign National (Foreign Passport) doing business in India and having valid PAN card and Aadhar.Does donation from this person through his/her SBI Account (India branch) be considered a Normal Donation or Foreign … Continue reading →

Posted in FCRA, TAX, LEGAL | 11 Comments

Correction of Trust Name

Posted on February 18, 2021 by SRRF

Respected sir, I’ve registered a trust through a lawyer on 6th feb 2021 in Mathura district of Uttar Pradesh but spelling of trust name on e-stamp is wrong. I’m president of the trust and would like to correct the spelling of … Continue reading →

Posted in FCRA, TAX, LEGAL | 1 Comment

Transferring funds to foreign accounts

Posted on February 11, 2021 by SRRF

We have the following query – Can a charitable Trust having 80G and 12AA certificates, transfer funds into a vendor’s foreign account for services rendered outside India, but for a project in India? Would it flout any conditions of the … Continue reading →

Posted in FCRA, TAX, LEGAL | 1 Comment

What if FCRA Registration is not ‘Renewed’ before the ‘Expiry’ Date

Posted on February 10, 2021 by SRRF

There is some confusion regarding consequences of non-renewal before expiry of FCRA Registration Certificate.  Many consider that in such a scenario, concerned entity cannot receive or utilize funds. This is based on reading of Rule 12(5), which is reproduced below: … Continue reading →

Posted in FCRA, TAX, LEGAL | Comments Off on What if FCRA Registration is not ‘Renewed’ before the ‘Expiry’ Date