Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: list of goods taxed at 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: TDS :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARDS
 
 
Direct Tax »
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules
 What is TDS and how does it work?
 Income tax return: Do super senior citizens have to file returns?

NGOs will have to reveal details of foreign aid to I-T
November, 19th 2011

All non-governmental organizations (NGOs) and charitable trusts will now have to compulsorily file details of foreign contributions received in their Income Tax returns along with their Foreign Contributions Regulation Act (FCRA) number.

A revised I-T return form has been prepared by the Directorate General of I-T Exemption and is pending with the Central Board of Direct Taxes for final approval before it is notified for implementation, likely from the next financial year. The new return form for NGOs will have additional columns for mentioning FCRA number and another for details of overseas contributions received. So far there was only one return form that was applicable for all NGOs and trusts, including non-charitable trusts that were not qualified for exemptions. The necessity to devise a new form arose after it was found during scrutiny of some NGOs that they had received considerable foreign contributions, but failed to mention them in their return of income filed with the I-T department.

Currently, the I-T department is scrutinizing accounts of several NGOs and charitable trusts that had received foreign contributions in the past decade. A FCRA list was obtained from the union Home ministry and returns of income of such institutions that had received funds are being tallied. All suspect cases pertain to the assessment year up to 2009-10.

To deal with charitable and religious organizations who have been diverting their accumulated income to acquiring new assets, such as in the case of Baba Ramdev where his Trust bought properties abroad and expanded his empire in India, the government is likely to introduce a fresh tax of 15%. The levy on the accumulated income of NGOs and trusts may be applicable from April 1 next year with the proposed introduction of the Direct Tax Code.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions