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Author Archives: SRRF
Things to be remember during filing of Form CSR-1
Thank you all for actively participating in the webinar on latest Income Tax [S.10(23), S.12A, S.80G renewal] and Form CSR 1. Sorry for certain technical glitches and loss of internet during the presentation. Hope it did not affect your learning … Continue reading
Posted in FCRA, TAX, LEGAL
1 Comment
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
Posted in CSR / SSE
Comments Off on HOW TO FILL FORM ‘CSR-1’
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