Entries by Jahir Mansuri

Clarifications – Form 10BD Donation Return

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 […]

, , , , ,


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 […]

Big Relief – Renewal of 12A and 80G is being deferred

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 […]

New TDS Rates applicable to NGOs after COVID-19

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 […]

Participant List mandatory for NGOs?

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 […]

, , ,

Is it mandatory to quote Voucher Number on Each Voucher in NGO Accounting

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 […]