articles – PGS & Associates

Are all Non-profit organization required to register on NGO Darpan?

The Union ministry of finance has notified amendments to the Prevention of Money-laundering (Maintenance of Records) Rules enhancing the compliance net for non-government organisations (NGOs), politicians and financial institutions. The amendments notified in the gazette include a new clause defining politically exposed persons (PEPs) and another one asking a bank or financial institution (FI) or […]

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Accumulation of Income in case Charitable Trust

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Under section 11 of the Income Tax Act 1961, a charitable or religious organisation is required to apply 85% of its income for charitable/religious purposes. If the organisation fails to apply 85% during the previous year, then it can either carry forward the income to the next year and apply such deficit in the next

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Statement of Donations to be filed by Donee Trust [Form 10BD]

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Introduction The Finance Act, 2020 has made a major procedural shift from the financial year 2021-22 (AY 2022-23) where, the donor will only be entitled to an 80G deduction if the statement of donations is uploaded against their PAN. Prior to this amendment, there was no reporting obligation for the donee receiving a donation or

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FCRA – Provisions relating to Registration, Renewal, Cancellation and Surrender of Certificates

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Grant of Certificate of Registration. An application is to be made by a person, referred to in section 11 for grant of certificate or giving prior permission, shall be made to the Central Government in the prescribed form FC- 3A along with the prescribed fee. Furthermore, every person who makes an application under sub-section (1)

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UNION BUDGET 2023-24

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Overview of Economic Survey for 2022-23 The survey highlighted that at least three shocks had hit the global economy since 2020: the Covid Pandemic, the Russian-Ukraine conflict, and the worldwide surge in inflation. Despite the global growth projections declining in 2023, the Indian economy has fully recovered and is expected to continue its growth momentum.

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Proposed provisions related to Charitable Trust and Institutions in The Finance Bill, 2023

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Existing Provisions Proposed Provisions 1.Depositing back of corpus and repayment of loans or borrowings As per section 10(23C) and section 11 when loan or borrowing is repaid from income of the previous year ,such repayment shall be allowed as application in the previous year in which it is repaid to the extent of such repayment.

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