What is Form 10BD? From FY 2021-22, Income Tax has made it mandatory for NGOs – registered organisations having 80G certificate to file “Donation Return” in form 10BD. There was no mechanism for the Income Tax department to cross check donation exemption claim by individual assessee. Also, it was observed during scrutinies of income that […]
Once you filled Form 10A as mentioned in the below video, you will be received the system generated email approving your Trust Exemption Registration u/s 12A PROVISIONALLY. Later you will be received URN.
The Foreign Contribution (Regulation) Amendment Bill, 2020, introduced in Lok Sabha by Home Minister Amit Shah today at 3 pm, says the need to strengthen the Act has arisen due to several organisation “misutilising or misappropriating” the funds leading to the government cancelling 19,000 such registrations in the past few years. 1) Mandatory to open […]
The Taxation And Other Laws (Relaxation And Amendment Of Certain Provisions) Bill, 2020 as introduced in Lok Sabha on 18.09.2020 seeks to replace the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 and further to amend the Income-tax Act. The Full bill is attached here. A new section was introduced Sec 12AB in the Finance […]
Example One of the NGOs is making handicraft items and exporting it out of India. Also, sometime foreigner visits their campus and buy such articles. Where should we deposit the sale proceeds of such transactions ? FC Bank or NonFC Bank? Solution So, when sales made to foreigners or exporting to foreign countries, such is […]
Applicability of TDS to NGOs It is a misconception that TDS not applicable to NGO because NGO is exempt from Tax if registered u/s 12AA. TDS is liability for NGOs to deduct from the certain payments made and deposited within time to the Government account. So NGO is not exempt from deducting TDS only because […]
If you are implementing CSR project and at the time of releasing instalment, corporate asked you to raise a Bill / Invoice and only after that instalment will be released, can you issue Bill or Invoice as a Non Profit Organisation? The Corporate Process Corporate Financial Process do not allow any payments without bill. And […]
Many auditors and funding agency / donor agency asked for whether participant list is maintained by the NGOs or not. Is participant list is considered as proof for amount spent. Why participant list has so much importance. Participant List As name suggests, Participant list basically is the statement or list showing the attendance of participant […]
Voucher Number A number serially entered on any voucher is much help in the accounting system. As a Fundamental of Accounting, it is required that all vouchers must be properly numbered in the physical vouchers as well in the books of accounts. System of Numbering There are various methods for numbering vouchers – serially numbered […]
