Dear Members<\/p>\n
Warm greetings from New Delhi!<\/p>\n
As per the new FC-4 Return, following is to be shown separately:<\/p>\n
“Foreign Contribution received during the financial year:
\n(i) Directly from a foreign source
\n(ii) as transfer from a local source”<\/p>\n
Earlier the FCRA Rules were requiring disclosure of Name, Address, Purpose etc. of both Direct Foreign Contribution as well as FC through an Indian entity (deemed FC).<\/p>\n
Our query is regarding the deemed FC. Whether the same should be shown in FC-4 under:
\n(i) Directly from a foreign source or
\n(ii) as transfer from a local source<\/p>\n
If FC is received through an Indian entity & has an Indian address, as per the \u201cdeemed FC\u201d concept, such contribution should be shown under “as transfer from a local source”. However, when we enter details as per purpose-wise contribution, it takes only the contributions received “Directly from a foreign source”.<\/p>\n
It means one of the following:
\n(i) FCRA does not require Donor particulars of \u201cdeemed FC\u201d
\n(ii) Even \u201cdeemed FC\u201d should be shown as \u201cDirectly from a foreign source\u201d which may be considered as not correct presentation
\n(iii) FCRA new software has to be amended to accommodate this problem<\/p>\n
You are requested to guide us with the correct presentation for contributions received from donor with Indian address considering the above mentioned limitation<\/p>\n
Warm Regards
\nAnutam<\/p>\n","protected":false},"excerpt":{"rendered":"
Dear Members Warm greetings from New Delhi! As per the new FC-4 Return, following is to be shown separately: “Foreign Contribution received during the financial year: (i) Directly from a foreign source (ii) as transfer from a local source” Earlier … Continue reading