Many organizations have lost their registration during the last few years for the reason of not filling FCRA return online. Time to time FCRA department had given many opportunities to such NGOs to file their returns. Many organizations were not even aware of filling returns online and sent hard copies of returns, which were not […]
Confusions Is TDS applicable on honorarium? Should we deduct PF from honorarium? Is honorarium considered equal to salary? Does honorarium will consider as fees or consultancy How to deduct professional tax from Honorarium? Lots of confusion regarding honorarium and there is no statutory implications given in the Acts rules and define clearly what is honorarium […]
Scenario 30 computers were purchased out of funding agency fund during 5 years of projects. Now in the current date, almost every computer is not usable. How do you remove these assets from the Balance Sheet? This is very important query asked by participants every time I take Training on Accounting and Financial Management of NGO. […]
Currently, NGOs are busy preparing their final account for the previous financial year. It is highly recommended that the NGO accountant and NGO Head should always go through the Financials (Income & Expenses) and Balance Sheet, instead of blindly relying on Auditor (Chartered Accountant) before its finalization. It is always desirable to clean up Financials before 31st […]
Another update in FCRA. Department has issued notice to ensure compliance with the provisions of FCRA 2010 to update Chief Functionary / Signatory. It is mentioned in the notice that, department has observed that some of the organizations have changed their office bearers/ key functionaries without approval from the Ministry of Home Affairs and without […]
Every NGO, whether be it Trust, Society or Sec 8 Company, which is registered u/s 12AA, has to get their accounts audited with the Chartered Accountant. He has to give his Audit Report in Form 10B. (Checkout our video on how to file Audit Report of NGO). This report need to be filled online on […]
Another notice has been issued by FCRA department on 06 th May 2019 for non-submission of mandatory Annual Returns from the year 2011-12 to 2016-17. Also mentioned in the letter that various notices has been issued to the organizations, who have not filled mandatory annual returns. Check the notice here – Document Further 15 days […]
UDIN is made compulsory from 01.02.2019 on all the Utilization Certificate of Grants.The first question comes in your mind what is this UDIN is all about? Oh God..another update or compliance? But, Do not worry. This is applicable to NGO Grant but not to be done by NGO itself. So, Let us discuss in detail […]
As a good initiative of governance, Income Tax department has made the list public for all the institutes which are having tax exemption under various sections like 12A, 80G, 10(23c) etc.. You can search your organisation’s name in this list of exempted institutes by following method. Step 1 : Go to this website – https://www.incometaxindia.gov.in/Pages/utilities/exempted-institutions.aspx […]
What is Sec 12A ? Income of Organization registered as Charitable and Religious Institute under any Law of India will be exempted from Income Tax only if they get the Certificate under this section. Sec -12A It deals with exemption explanations. Sec -12AA It deals with the procedure for such exemption. Benefits 1. Expenditure incurred for charitable […]
