Socio Research & Reform Foundation

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

Dear All,

I have a query with regards to Personal Funds we receive from relatives and friends from abroad through Agency’s like Western Union or Money Gram.

1. Is there any limit for the amount to be received in a year.
2. Is there any Tax to be levied on this amount or upto what amount.

With Regards

Manish Justin Khan
Accounts Officer
Adventist Development and Relief Agency India (ADRA India)

Dear Friends,

We at United Way are exploring the idea of holding Raffle Tickets draw- Lucky draw as a fundraiser. And wanted to understand the legal implications and practical aspects of organising such an activity. We would also want to understand specific pointers to be kept in mind related to Designing of the Ticket, collection of funds and announcing the winner and accounting the funds received etc. Warm

Regards

Anupama Kalra
United Way of Delhi

The Ministry of Home Affairs has issued a notification (Notification No: 939, 29/04/2013) to the organisations registered under the Foreign Contribution Regulation Act to submit their FCRA Returns on time.

Accordingly any delay in filing of Annual Return will attract penalty ranging from two to five per cent of the total foreign contribution received any NGO during the year.

The following table describes the penalties on non filing of FCRA return and officer competent for compounding:

We also thank Account Aid for bringing the above information to our notice.

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