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Question of the Week
  • Question :

    What are the six limbs of the definition of Charitable purpose according to section 2(15) of the Income Tax Act, 1961?

    Previous Questions

  • Question :

    Whether the amount of foreign contribution for which prior permission has been granted can be received by an Association in installments and how would it file the Annual Return ?

  • Question :

    Is there any restriction on transfer of FC funds by one organization to another organization ?

  • Question :

    How does an applicant track the status of an application for registration or prior permission under FCRA?

  • Question :

    What is the procedure for change of Bank and/or branch of the Bank or designated FC Bank Account ?

  • Question :

    Could foreign contribution be received in and utilized from multiple Bank accounts ?

  • Question :

    What is the exemption limit under section 10(23C) available on annual receipts received by universities, educational institutions and hospitals?

  • Question :

    When should an Association which has been granted registration under FCRA, 1976 apply for renewal of registration?

  • Question :

    What will happen if application for renewal is not made at all ?

  • Question :

    Will non-submission of annual return adversely affect renewal of registration under FCRA, 2010 ?

  • Question :

    Is corpus donation received by a trust or a charitable organisation taxable

  • Question :

    Are powers vested with the Income Tax authorities to condone a delay in filing Form 10?

  • Question :

    What would happen in the case of change of address by an FCRA registered Association where there is a change in the District or State?

  • Question :

    Whether inter-account funds transfer shall be allowed within the multiple accounts that an Association is now permitted to open for the purpose of utilizing the FC and the level of diligence required on the part of the Banks in this regard ?

  • Question :

    How do we account for the sale proceeds of an asset created out of foreign contribution?

  • Question :

    What is to be done if administrative expenses are higher than the prescribed ceiling?

  • Question :

    Can the Government suspend the certificate of registration granted to a person under FCRA?

  • Question :

    Can an organisation open separate Foreign Currency (FC) accounts for separate donors?

  • Question :

    What is the procedure for renewal of FCRA registration

  • Question :

    Can an Association registered under FCRA give loans or advances, interest bearing or otherwise, and secured or otherwise, out of the foreign currency received to Self-Help Groups (SHGs) and Community Based organizations (CBOs), registered or not?

  • Question :

    Can an Association having registration or prior permission under FCRA 2010 transfer foreign contribution received by it to another Association which does not have FCRA registration or prior permission?

  • Question :

    Can Government servants, Judges and employees of a Government owned/controlled Company/Body be on the Executive Committee/Board of an Association under FCRA, 2010?

  • Question :

    What should an Association do if it loses its FCRA certificate of registration? Could the Association be given a duplicate certificate?

  • Question :

    What is the procedure for seeking changes in the name/address of an association registered under FCRA?

  • Question :

    Can foreign currency funds be placed in fixed deposits?

  • Question :

    Is transfer of funds from one FC registered organization to another unregistered organization (under FCRA) permissible?

  • Question :

    Is it permissible under FCRA to change the designated bank account?

  • Question :

    Is it necessary to account administrative expenses separately under FCRA 2011?

  • Question :

    Is a Charitable Trust which claims tax exemption entitled to conduct business?

  • Question :

    Is approval required from the Ministry of Home Affairs (MHA) for withdrawal of money from the designated Foreign Currency (FC) bank account and to redeposit the unutilized portion thereof back to the FC bank account?

  • Question :

    Can a company refuse to pay gratuity payable to its employees due to financial loss?

  • Question :

    Whether the audit is compulsory for NPOs ?

  • Question :

    What are the modes of filing return of income (income tax return)?

  • Question :

    Can an e-TDS return be filed without TAN ?

  • Question :

    Are the provisions of Tax Deducted at Source (TDS) as referred to in the Income Tax Act, 1961 applicable to NGOs ?

  • Question : Can a Person of Indian origin (PIO) or an Overseas Citizen of India (OCI) set up a Trust, as an author?

  • Question :

    Can organizations registered under the FCRA 2010, open multiple bank accounts for receiving foreign funds?

  • Question : Are NPOs liable to file an income tax return?

  • Question : Whether FC funds can be refunded to the foreign donor in compliance with project agreement terms?

  • Question : Is a Non-Profit Organisation liable to pay tax if it is not registered under Section 12A of the Income Tax Act?

  • Question : Is online submission of annual return (FC-6) mandatory?

  • Question : Can an application for PAN be made through Internet?

  • Question : Can foreign contribution be received through 'Western Union' or PayPal?

  • Question : Is there any way to open and maintain a USD Currency bank account to receive contributions in US dollars?

  • Question : Whether funds received from foreigners in lieu of goods sold or services rendered are treated as foreign contribution?

  • Question : Is it necessary to appoint a Company Secretary in a Section 25 company?

  • Question : Are Frequently Asked Questions (FAQs) binding on any organization or company ?

  • Question : Can a foreigner be an executive committee member in a society or a trust ?

  • Question : Whether interest earned or any other income received from foreign contribution (FC) funds would be considered as foreign contribution (FC)?

These questions & answers have been provided by Financial Management Service Foundation www.fmsfindia.org.in

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