In India, if organizations want to get donations from other foreign countries, they have to follow strict rules in the Foreign Contribution Regulation Act (FCRA). They also have to register and get approval from the Ministry of Home Affairs (MHA) beforehand. According to Section 6(1) of the 2010 FCRA, charitable trusts, societies, and Section 8 …
GST Annual Return FY 2022-23 is a mandatory filing by eligible registered individuals, excluding specific categories. GST Annual Return FY 2022-23 consolidates all transactions reported in periodic returns throughout the year. It encompasses adjustments made to previous year transactions after year-end, serving as the final opportunity for the assesse to disclose all relevant filing period …
The Government of India enacted the Foreign Contribution Regulation Act (FCRA) as a crucial legislative measure to oversee the acquisition and application of foreign contributions by individuals, entities, and non-governmental organizations (NGOs) operating within the country. The FCRA Registration Process plays a pivotal role in ensuring adherence to the established guidelines, thereby promoting transparency in …
The Registrar of Companies issues a Certificate of Incorporation upon incorporation of the Company, confirming its existence. Once a company’s name is entered into the register, it cannot be deleted until the company requests it either by following OPC Closure Procedure or it is done automatically. When a company fails to open for business or …
The Registrar of Companies issues a Certificate of Incorporation upon incorporation of the Company, confirming its existence. Once a company’s name is entered into the register, it cannot be deleted until the company requests it either by following the Procedure of Closure of OPC under Companies Act 2013 or it is done automatically. When a …
The Registrar of Companies issues a Certificate of Incorporation upon incorporation of the Company, confirming its existence. Once a company’s name is entered into the register, it cannot be deleted until the company requests it either by following procedure for Strike off of OPC or it is done automatically. When a company fails to open …
The maximum amount of cash that can be deposited into a savings account in a given time frame without drawing the attention of the tax authorities is referred to as the cash deposit limit and when an individual does file an ITR he may receive an income tax notice for cash deposits. This cap is …
Registering with and fulfilling specific requirements enables a non-governmental organization (NGO) to qualify for income tax exemption. However, it’s essential to note that this registration doesn’t directly benefit those contributing donations. 80G Registration of The Income Tax Act includes provisions that extend tax benefits to the actual donors. By obtaining 80G registration, an NGO provides …
Non-Governmental Organizations (NGOs) are pivotal contributors to societal development and well-being. These entities, whether trusts, societies, or section 8 companies, dedicate themselves to charitable or religious causes, striving to positively influence the lives of those in need. While managing a charitable organization in India is a noble pursuit, it often involves financial challenges. This is …
For NGOs in India, 80G And 12A Registration is particularly beneficial. Due to a tax exemption afforded by 12A Registration on their surplus, NGOs are essentially exempt from paying taxes. However, an 80G Certificate for Trust enables to offer tax-exempt certificates to donors in order to persuade them to make financial donations. Donors can claim …
