Monthly Archives: March 2021

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