Do you know how Grant is presented in your NGOs Financial Statements? As REVENUE or as LIABILITY ? This is one of the crucial question regarding accounting of Grants for NGOs. Generally, we depend on the Chartered Accountants on how our Financial Statements are prepared and presented. Sometimes presentation of Financial Statements become misleading and […]
Have you not filled your organization’s FCRA return or you have filled it in paper format since it is compulsory to file annual return online. You can file late Return of FCRA by paying penalties. Penalty for Late filling of FCRA return As per notification S.O 2133(E) dated 16/06/2016, penalty for late filling of fcra […]
After, note ban, cash book is getting more importance. Some of the entities also getting notice from Income Tax Department to submit cash book. So, let us today discussed, some of the points related to cash book. 1. Manual V/s Computerized Cash Book of NGO Now a days, all the books of accounts are maintained […]
Many of the organizations have already received Renewal from FCRA. However, some of the organizations have not apply for renewal or not applied in online format or not paid online fees, may not received FCRA Renewal. Last date for filling FCRA renewal was 30.06.2016 by online. If your organization fail to do so, your FCRA […]
We know the current scenario of demonetization of old currency notes of Rs. 1000 and Rs. 500. As every day new news coming in, it is difficult for us to decided what should be the correct step to deposit old notes. Earlier, Trust and NGOs were already under the radar of the Government before demonetization, […]
As last date of filling Income Tax Return of NGO is approaching, it is necessary that we should keep in mind some of the points related to Income Tax Return of NGO. Generally, NGOs are exempt from Income Tax and thus any TDS deducted will be given as Refund. Read this blog – How to […]
All of you aware about latest compliance requirement by the Individual of the association to under Lokpal & Lokayukt Act. Public Servant of the applicable organization has to file return of his assets and liabilities with FCRA department. in prescribed forms. (Read full blog here). Today, FCRA department has provided link to upload the forms. […]
In a recent development, on Thursday, one of the Rajya Sabha Member, Ms Anu Aga, raised the issue regarding declaration of Assets by the officers and trustees of NGOs. “One temporary solution could be to extend the date for a few months from July 31. However, this is a short term respite and we will […]
Another compliance requirement to be fulfilled by NGO and NPOs. This time, its Lokpal and Lokayukt Act (LLA, 2013). Yes NGOs are under the scanner of Lokpal now. Recently notified by the Ministry of Personnel, Public Grievances and Pensions nos 1541, 1542 and 1543 (dated 20.06.2016) specify the procedure and clarity regarding Lokpal. (See Full […]
