Author Archives: SRRF

Audit over audit. Is it ethical and correct?

Posted on May 8, 2014 by SRRF

30th April 2014 Dear Friends, It has become a recent practice among Voluntary Organisations and Funding Agencies to enter into some sort of tripartite agreement with auditors designated by Funding Agencies to get the audited accounts of the project funded … Continue reading →

Posted in General | 10 Comments

Can we receive Indian Currency through Western Union in FCRA bank A/c?

Posted on May 6, 2014 by SRRF

Dear Friends,   Can Designated Bank (FC bank account) receive Indian Currency through Western Union, say for example From Canada to India?   Looking froward to hearing from you all.   Ajaya 

Posted in FCRA, TAX, LEGAL | 5 Comments

Corpus Fund

Posted on May 3, 2014 by SRRF

Dear All, Greetings from Hyderabad! Can the own funds of the NGO be converted into Corpus Fund based on the decision of the BoT/GB? Thanks and regards, — B V Soma Sastry

Posted in FCRA, TAX, LEGAL | 3 Comments

85% utilization

Posted on May 3, 2014 by SRRF

Dear All, Greetings from Hyderabad! This is with reference to the 85% utilization as per the provisions of the IT Act. My query is as under: There are certain projects for which funds are not received in the FY as … Continue reading →

Posted in FCRA, TAX, LEGAL | 3 Comments

Utilization of grants/donations received

Posted on May 2, 2014 by SRRF

Dear Sir I wanted to know if there is any notification /guideline (other than income tax requirements) regarding full utilisation of grants/ donations received by an NGO. This assumes importance in view of the CSR provisions of Companies Act 2013. … Continue reading →

Posted in FCRA, TAX, LEGAL | 1 Comment

Interpretation of Clauses of the CSR Schedule

Posted on April 30, 2014 by SRRF

In regards to interpretation of clauses, if the schedule dealing with CSR – the words cannot be construed to have a narrow meaning. How does an accountant deal with this while he ought to make sure that a CSR head … Continue reading →

Posted in CSR / SSE | 1 Comment

NGO Accounting Software

Posted on April 30, 2014 by SRRF

Following query received from Mr. Udayan Maroo. Kindly provide your responses. Dear friends, Which is the accounting software which like an ERP provides beyond accounting for NGOs? Best Regards. Udayan Maroo

Posted in General | 3 Comments

Is 80-G mandatory to get CSR funds?

Posted on April 28, 2014 by SRRF

Dear Friends, Wish you all Happy Tamil New Year Day. Is 80-G mandatory to get CSR funds by a Voluntary Organisation? V.B.Chandrasekaran, Chatti Mahatma Gandhi Aashramam, Chatti Post, Chinthur Mandal, Khammam District, Andhra Pradesh, Pin Code: 507129

Posted in FCRA, TAX, LEGAL | 8 Comments

Treatment of Interest received

Posted on April 25, 2014 by SRRF

Respected sir/friends Please gave your suggestion on Interest received from FCR Account. Actually as per the directions of the funding agency we transferred the amount from FCR Account to General Account (spl account only for those funding agency) for the … Continue reading →

Posted in FCRA, TAX, LEGAL | 5 Comments

Purpose of Utilisation Account

Posted on April 19, 2014 by SRRF

I have now joined another NGO called “Pratham Books” in Bangalore. They are into developing, publishing & distributing children’s books in various languages and promoting reading habit among children. I have a query in this. We receive grants/donations from various … Continue reading →

Posted in FCRA, TAX, LEGAL | 14 Comments