Socio Research & Reform Foundation

Dear SRRF Members,

Greetings of the day,

The new form of Income Tax Return (ITR-7) for the NGO has been released. Thanks to Account aid for sharing the relevant information. Please refer to the mail below for details:-

Income Tax Department has released a new form of Income Tax Return (ITR-7) for NGOs. The new return has 29 pages in all, including 10 pages of instructions and the acknowledgement.

This form should be used for the AY 2012-13. This means returns for financial year ending 31-Mar-12 will be filed in this form. The return must be filed in paper form.

The new form asks for additional information about FCRA status, foreign contribution received, classification under sec. 2(15), among others.

The form and instructions can be downloaded from the Income Tax web-site (www.incometaxindia.gov.in/download_all.asp) or Accountaid web-site (www.AccountAid.net).

This change is effective from 26^th July ’12. If you had already filed your tax return for 12-13 before that date, you do not have to file it again.

References:

• Notification number S.O. 1705 (E), dated 26^th July 2012

We gratefully acknowledge CA Martin Pinto’s help in bringing this change to our attention. – Ed.

(31-Jul-2012)

With warm regards
Farah
Coordinator
__________________________________
Socio Research & Reform Foundation
(A Non Government Organisation)
512 A, Deepshikha, 8 Rajendra Place, New Delhi – 110008

Hi All,

Can an NGO transfer foreign funds to private trust or Private
Limited Company as an Sub Award and if so, what is the process and
legal work to be looked into

Would TDS be applicable and at what rate?

Regards

Ruben Menon

Hi

My office has got its staff affiliated to Employees Provident Fund Organization (EPFO) w.e.f. February 2012. We had applied for the affiliation in February 2012; however, the approval came in April 2012. By that time, the salaries for February and March 2012 were already processed without EPF deduction. My office deposited the arrears for February and March 2012 in April 2012 (after the approval received from EPFO)

Now few staffs are asking for a PF deduction certificate for February and March 2012 (employee contribution) for income tax purpose (deduction u/s 80C) for the FY 2011-12.

In this context, can the office issue PF deduction certificate to staff for February and March 2012?

Regards

Srikrishna Bedbak

Dear Sir,

Greetings from New Life!

We received Vitamin A capsules from a foreign agency for one of our projects. However the capsules were sent to one of the organisation in India and then resent to us from the Indian organisation. How this is to be accounted for? Is this to be reported to the Home Ministry. I think the old form for reporting articles received from abroad is Form 6. Now what is the form in which we should report?

Regards
—
F. Beatrice Vanaja,
Chief Administrative Officer,

New Life,

Hello Every One,

I got a question related to FCRA annual return.
What is the process to file the annual return for those organisation who have received
FCRA prior permission. Is it online ?.

Please suggest, as we are going to file annual return for the first time.

Thanking you,

With warm regards,

Ravistan Anthony

Hi

Does anyone know what are the norms for disposal of old vehicles under FCRA? We have very old vehicles; can we dispose of them? Do we need permission from someone and what does one do with the money?

Thanks

Reena

SMRC

Dear Friends

I need clarification on FCRA contribution by Indian staying abroad. If an Indian staying abroad having Indian Passport and giving donation to the Trust, will it be treated under FCRA or not.

Thanks

Wing Commander (Retd) Ashish Kumar Saxena

Chairman

Akash Memorial Charitable Trust

Dear Friends,

Gretings from CWS!

This is with reference to FC-6:

In serial number 3:  “Purpose of FC funds received and utilized”, in the last column there is some information sought i.e. “Place with address of the specific activity”. I would like to know the extent of details that is expected to be provided in the column.

This is being asked specifcally in the context of CWS since we are operating in 5 states with around 120 networking partners.

Thanks and regards,

______________________

B V Soma Sastry

Centre for World Solidarity

12-13-438, Street No. 1, Tarnaka

Secunderabad 500 017

Andhra Pradesh

Dear Friends,

Greetings from Hyderabad!

As you are aware that from March 2012, the PF has been made online and the organizations are expected enter one instrument/cheque/DD number for the contributions. Moreover, it becomes difficult with the banks since they also expect us to submit a single instrument for challan.

I would like to clear some of by doubts:

1. NGOs pay salaries from FC and LC accounts. In some cases the bank for LC and FC accounts are also different. So we have to give atleast 2 instruments/cheques to bank which they are reluctant to accept.
2. In view of the above, is it a possibility that we open a separate account specifically for PF and transfer all the PF contribution to that account and release one cheque to bank?
3. In case we do that, will it not amount to mixing of LC and FC funds.

Please send your feedback on the same.

Thanks and regards,

______________________

B V Soma Sastry

Centre for World Solidarity

12-13-438, Street No. 1, Tarnaka

Secunderabad 500 017

Andhra Pradesh

www.cwsy.org