Income Tax for NGOs

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News

Important Reminders

7th July

Last date for deposit of TDS under Income Tax Act, 1961 deducted / deductible in June 2009 on all type of payments

15th July

Last date for filing of TDS Compliance Statement for the quarter ending June 2008

31st July

Due Date of Filling of Income Tax Return, Wealth Tax Return & FBT Return for a person (other than a company) whose accounts are required to be audited under Income Tax Act or under any other law for the time being in force.

TDS on Service Tax

Procedure for filing TDS returns with insufficient deductee PAN

Income Tax Act as amended by the Finance Act 2008

Queries on the Income-Tax Act, 1961

Q1 : Whether the Income-tax Act, 1961 is applicable to all the Voluntary Organisations who are engaged in socio-economic development programmes in India ? Please clarify.

Q2 : Whether the Income Tax Act, 1961 is applicable to NGO's located in North East India or in District of Ladakh ? Please clarify.

Q3 : Whether it is necessary for an NGO to file a Return of Income with the Income tax Department? If so, under what circumstances are the NGOs totally exempt from filing the Return of Income with the tax authorities ?

Q4 : What is the procedure for registration of an NGO with the Income Tax Department ?

Q5 : Whether it is necessary for an NGO to be registered as a Charitable Society or a Public Trust for seeking registration under Section 12A of the Income tax Act, 1961?

Q6 : Whether all kinds of receipts (Capital or Revenue) are treated as a part of income ? Whether any category of receipt is exempted ? Please clarify. Whether donations to corpus Fund is a "Revenue receipt" or a "Capital Receipt" ? Further, whether it is exempted from being shown as income in the Income-tax Return or not ?

Q7 : Whether interest earned on investments of Corpus Fund is taxable or is it exempt from Income-tax Act ?

Q8 : Whether a donor can make a contribution to the Corpus Fund with certain conditions and/or qualification to be fulfilled by the recipient ? If so whether same will be treated as donation to Corpus Fund or not ?

Q9 : Whether a donor who has made a contribution to the Corpus Fund has a right to call-back the amount of contribution to the Corpus Fund made by him ? If so what would be the treatment in the year of refund ?

Q10 : What is the method of calculation of the application of income for charitable or religious purposes in a particular year ?

Q11 : Whether 100% of the income (receipts) during a particular year is to be utilised in that same year or whether it can be accumulated ? If so under what circumstances and to what extent ?

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