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: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: form 3cd :: TDS :: VAT Audit :: articles on VAT and GST in India :: VAT RATES :: empanelment :: ACCOUNTING STANDARD :: cpt :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4%
 
 
Direct Tax »
 CBDT clears the air on rental incomes from industrial parks, SEZs
 CBDT signifies achievements towards eliminating domestic black money
 Seafarers get tax exemption from Ministry of Finance
 Financial institutions need to get accounts self-certified for FATCA by April 30
 Direct tax incentives to promote start-ups
 Employer didn't deposit the TDS it deducted on your salary. How to claim it?
 Central Board of Direct Taxes clarifies on cash curb, Aadhaar
 CBDT to issue PAN, TAN within a day to improve Ease of Doing Business
 Expats who stayed in India for 182 days or more must apply for Aadhaar card: CBDT
 CBDT accomplishes direct taxes collection target for FY 2016-17
  No relief to those who defaulted on 1st IDS installment: CBDT

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