Socio Research & Reform Foundation

Following query received form Pragya:

Our Organisation is FCRA registered organisation . We give sub grants to other FCRA registered Organisations. Is there any limit of transferring of funds (as grants) to registered organisation. In Sec 7 (Rule 24), it is mentioned we can transfer sub grant to private trust or non-FCRA registered organisation after approval from Department not exceeding 10% of total FC receipts during the year. Do, this means that there is no limit for Grants released to FCRA registered Organisation.

Looking forward for your response.

Regards

Pragya

Dear Friends,
 
Greetings!
 
I was visiting one of our partners in Odisha. The NGO told me that they are unable to get the Government projects since the Government is seeking a minimum fixed assets of Rs. 500000/- with the NGO.
 
The case goes like this:
1. The NGO has purchased 18.17 acres of land in 1986 for a sum of Rs. 33273/-
2. The market value of the land as on date is in excess of Rs. 50,00,000/-
 
Is it possible for them to revalue and reflect the value of land in the books or do they have to follow the principle of “cost or market price whichever is lower”
 
Thanks and regards,

—
B V Soma Sastry

Dear Friends

Recently lot of individual are saying large fund will come from foreign delegate it are around crores of Rupees. They are asking 35 AC. So I have no Idea on 35 AC. Please any one have well idea please share information us.

1. What is the 35ac?
2. Who can eligible for this 35ac?
3. What are the process and who will give it?

Thank You.

With Regards

Ashok Shamala

Dear friend

Greetings from Ashok Shamala, CRIDA. Andhra Pradesh.

Please clarify my doubt about corpus funds of social service organizations. one
organization how to develop the corpus fund and can corpus fund  collect from
public and individuals? what are tax laws will applicable to this fund. How it
will spend to project. who can maintain and handle in the organization. Can take
Capital fund under the CORPUS ?

Thank You.

With Best Regards
Ashok Shamla

It is brought to the notice of all that Income Tax return (ITR 7), which till last year was being filed manually, is now required to be filed electronically from current Assessment Year. So please do take care while you are filing the Income Tax return of your NGO/Trust, etc.

Dear Members

My query is regarding TDS on Salary & Loss from House Property.

An employee is working in Delhi & is paying Rent & is claiming HRA tax rebate. He also has taken a Housing Loan and the House is in Mumbai. The house in Mumbai has been let out by him and he is getting rental income from the same.

My queries are as follows:

1. Can his interest on housing loan be allowed as loss from house property for the purpose of TDS on Salary Income? If yes, what is the maximum limit?
2. Can his repayment of housing loan be allowed as deduction u/s 80C for the purpose of TDS on Salary Income?
3. Should his income from house property be considered by the employer while allowing the benefit of loss from house property due to interest on Housing Loan for TDS on Salary Income?

Kindly let me know the correct treatments & reference of any CBDT circulars (if any) for my better understanding.

Warm Regards
Anutam

Thx

Premjit Nidan

Dear SRRF Dialogue Members,

Govt has amended Service Tax effective April 2013 to the detriment of NGO community.

As you may be aware from our earlier posts that effective July 2012 Service Tax was  not applicable to NGOs, if two conditions are met, one the NGO possess S.12AA certificate and that it undertakes charitable activities. Charitable activities earlier were largely on the lines of S. 2(15). It specified Charitable Activities as (i) public health, (ii) advancement of religion or spirituality, (iii) advancement of educational programme or skill development, (iv) preservation of environment and lastly (v) advancement of any other object of general public utility up to a value of Rs 25 lakhs in any financial year.
However the last clause has now been removed from the definition of charitable activities effective 1-4-2013.  Thus an NGO is no longer exempt if its charitable activities fall under the last clause of General Public Utility.

_______________________________
Socio Research & Reform Foundation
(A Non Government Organisation)
512 A, Deepshikha, 8 Rajendra Place,
New Delhi – 110008

Dear Sir

Greetings from Ashok Shamala

I would like to know about fcra renewal. how can i apply for renewal and which
documents are need to submit at ministry. when will start renewal year.

Thank you.

Regards
Ashok Shamala
Director

Dear Sir/Ma`am

I have come to known this email id through one of my friend.

Sir/Ma`am can i request you to provide your expert opinion for below mentioned query??

“As per Income Tax Act , Section 29 – 43 are only applicable to the income computed under section 28 i.e. Income from Profit & Gain from Business”

In such a case whether Assessing Officer has power to disallow the following expenditure of a charitable organisation and Tax the same amount:-

1. Expenditure Paid without deducting TDS ( As required under Section 192 – 194)
2. Expenditure Paid in cash in excess of 20,000 in single payment
3. Prior Period Expenses

I will be highly obliged if you can respond to my queries.

Deepak Singh