Monthly Archives: March 2022

Tax provisions likely to impact accounting systems for Non-profits

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

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

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CSR Form 2  – Key Requirements explained

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

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Tax Advise needed

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

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

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