Gujarat Government published in the Official Gazette on May 20, 2015 (Download it from here) regarding change in Gujarat Public Trust Act, 1950 and these rules may be called the “Bombay Public Trust (Gujarat) (Amendments) Rules, 2015. One of the major welcome change is to consider Foreign Grant as deduction for calculation of Charity Contribution.
Earlier, only local contribution/grants and government grants were allowed to deduct from amount liable to contribution. No such provision related to Foreign Grants deduction was there, because of old act since 1950 and never amended thereafter.
Change in Balance Sheet and Income Expenditure format –
Schedule VIII related to Balance Sheet and major change is to show balance in FCRA Bank account separately. Have a look –
Schedule IX is related to Income and Expenditure Account and major change is to show Grants in Foreign Money separately. Have a look –
Change in Schedule IX-C – Statement showing amount Liable to Contribution –
Major relief comes here, where it is notified in this revised schedule of IX-C, that Grant and Donation under FCRA is not chargeable to contribution under section 58 and rule 32. Lets have a look –
From when it is applicable –
As no date specified in the official gazette, we interpret that any Statements prepared after May 20, 2015 (date of notification) must be prepared as per this new format.