Author Archives: SRRF

Implementation of Accounting Software with audit trail postponed ‎

Ministry of Corporate Affairs which had earlier mandated that effective 1-4-2021 all companies (including S.8 companies) must use an accounting software, where any changes in an accounting entry made must be identified and auditor must be able to track the … Continue reading

Posted in FCRA, TAX, LEGAL | Comments Off on Implementation of Accounting Software with audit trail postponed ‎

HOW TO FILL FORM ‘CSR-1’‎

All those NGOs wanting to access CSR funds, would now need to register themselves at Companies Act web portal using eForm CSR 1. The Form is available on the MCA Portal http://www.mca.gov.in/MinistryV2/companyformsdownload.html and is also available on this blog. You … Continue reading

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KEY CHANGES IN TAX RULES & NEW FORMS

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

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?‎

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 ?‎

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

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 ‎

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

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

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