Author Archives: SRRF

Responsibilities of an NGO on receipt of Donations

Posted on April 30, 2022 by SRRF

Till FY 2020-21, all donors who gave donations to NGOs, could claim tax benefit under section 80G on the basis of self declaration and attachment of a receipt issued by the NGOs receiving donations. The receipts normally have details of … Continue reading →

Posted in FCRA, TAX, LEGAL | 3 Comments

FCRA Queries

Posted on April 21, 2022 by SRRF

Sir, I would like to receive clarification for the below points: a)        As a society having FCRA registration can we help other Institutions ( not belonging to us or neither registered with FCRA) acquire assets like Computers, Vehicle etc., … Continue reading →

Posted in FCRA, TAX, LEGAL | 1 Comment

Mandatory compliance requirements postponed

Posted on April 1, 2022 by SRRF

Accounting Software with Audit Trail: All companies are now required to maintain accounting system, which has audit trail. The Govt. has amended Companies (Audit & Auditors) Rules 2014. Requirement, which the companies were earlier required to comply effective 1-4-2022, now … Continue reading →

Posted in CSR / SSE | 1 Comment

Tax provisions likely to impact accounting systems for Non-profits

Posted on March 29, 2022 by SRRF

Accounting Software with Audit Trail: All companies are now required to maintain accounting system, which has audit trail. The Govt has amended Companies (Audit & Auditors) Rules 2014. In the proviso for Rule 3(1) it has stated that effective 1st … Continue reading →

Posted in FCRA, TAX, LEGAL | 1 Comment

FCRA Renewal extended yet again

Posted on March 25, 2022 by SRRF

FCRA Renewal has been again extended to 30th June 2022. A sigh of relief from the tension, that many of the NGOs who have been waiting endlessly for their renewal process to be completed, however the Dept. is yet to … Continue reading →

Posted in FCRA, TAX, LEGAL | Comments Off on FCRA Renewal extended yet again

CSR Form 2  – Key Requirements explained

Posted on March 24, 2022 by SRRF

Filing Dates Form for FY 2020-21 has to be filed by 31st March 2022 separately as an online web Form. Form for subsequent years has to be filed as an addendum to Form AOC-4/AOC-4 XBRL/AOC-4 NBFC (Ind AS), as per … Continue reading →

Posted in CSR / SSE | Comments Off on CSR Form 2  – Key Requirements explained

Tax Advise needed

Posted on March 9, 2022 by SRRF

A society registered under society act is running a educational institution.It is not yet registered under Sec 12A of Income tax act. In f y 2020-21 its revenue fee receipts from school are less than 1cr and after claiming all … Continue reading →

Posted in FCRA, TAX, LEGAL | 1 Comment

New CSR Reporting Format (Form CSR-2) : Last date 31-3-2022

Posted on March 5, 2022 by SRRF

Ministry of Corporate Affairs has come out with a new Form called CSR-2, vide Notification dated 11 Feb 2022.  This Form basically covers all reporting requirements. Earlier these were mentioned in the report, and it was expected that this report … Continue reading →

Posted in CSR / SSE | Comments Off on New CSR Reporting Format (Form CSR-2) : Last date 31-3-2022

Extension of timelines for filing of ITR and various reports of audit for the AY: 2021-22

Posted on January 12, 2022 by SRRF

CBDT has extended the due date for the filing of various reports of audit under the provisions of the Income-tax Act,1961 (Act), in respect of the following compliances: The due date of furnishing of Report of Audit (Form 10B) forNPOs … Continue reading →

Posted in FCRA, TAX, LEGAL | Comments Off on Extension of timelines for filing of ITR and various reports of audit for the AY: 2021-22

Can FCRA expenses be reimbursed to Non-FCRA A/cs?

Posted on January 6, 2022 by SRRF

Dear Sir,   We have following queries regarding FCRA : 1. Can advances be given to Project staff for expenses to be incurred in the field, If not, what is the remedy when the expenses can not be paid directly … Continue reading →

Posted in FCRA, TAX, LEGAL | 6 Comments