Decoding Form 10B & Form 10BB for AY 2026-27: for Charitable Trust Introduction The audit reporting landscape for charitable trusts and institutions has become increasingly detailed and compliance-driven. With the introduction of revised reporting requirements and significant amendments under the Finance Act (No. 2), 2024, trustees, NGOs, charitable institutions, and tax professionals must clearly understand …
Income Tax Return (ITR) Utilities for ITR-6 and ITR-7 Return filing schemas Update Tax Dept has now made the ITR-6 and ITR-7 return filing schemas available in both online and offline modes, enabling eligible taxpayers to prepare and file their returns through either platform as per their convenience. Further, the Department has released TDS Return …
India has consistently maintained that the power to enact laws rests exclusively with its Parliament, acting within the framework of the Constitution and guided by the country’s democratic processes. As a sovereign nation, India believes that its domestic legislation should be assessed on the basis of its own legal standards, institutional mechanisms, and national priorities, …
Institute of Chartered Accountants of India to Help Tirumala Tirupati Devasthanams Enhance Accounting System significant development where Tirumala Tirupati Devasthanams, the governing body of the world-famous Sri Venkateswara (Tirupati Balaji) Temple, has sought assistance from the Institute of Chartered Accountants of India to strengthen its accounting, financial reporting, internal control, and donation management systems. This …
FCRA Amendment Bill 2026: Key Changes, Impact, and Compliance Guide The Foreign Contribution (Regulation) Amendment Bill, 2026, introduced on 25 March 2026, proposes significant amendments to the Foreign Contribution (Regulation) Act, 2010 (“FCRA”). The amendments strengthen government oversight over foreign-funded assets while simultaneously reducing certain penal consequences. The proposed amendments indicate a policy shift toward …
What is an Registered Non-Profit Organisation under the Income-tax Act, 2025? A Registered Non-Profit Organization (RNPO) is a new, unified statutory classification introduced in the proposed Income Tax Act, 2025, which is scheduled to come into force from 1 April 2026. The Registered Non-Profit Organisation concept consolidates all earlier tax regimes applicable to charitable and …
Cancellation of Registration U/s 12AB – Statutory Grounds for Cancellation Consequences Registration under Section 12AB remains valid until its expiry or cancellation. Over the years, amendments (2004, 2014, 2019, 2020, 2022, 2023) have expanded the Commissioner’s powers to cancel registrations for various violations. From 01‑04‑2021, Section 12AB replaced Section 12AA. From 01‑04‑2022, new provisions govern …
FCRA Audit Guidelines for NGOs – Disclosure by CAs on violated any provisions of FCRA law The updated FCRA compliance guidelines will likely have significant implications for both NGOs and Chartered Accountants as the regulatory framework becomes more stringent. Changes to the Foreign Contribution (Regulation) Act, 2010 compliance guidelines for NGOs, as mandated by the Ministry …
Overview on Needed file online Form No. 10BD for Donations eligible u/s 80G Now according to income tax provision – all the NGO who have 80G certificate is required to submit – Statement of Donation received by NGO or fund in Form 10BD & Certificate of donation in Form No. 10BE – this is Applicable …
Get Tax incentives for NGO by Registering U/s 12A, 12AA,12AB Relief for the poor, education, medical relief, environmental preservation, preservation of monuments or locations or things of aesthetic or historic importance, and development of any other aim of wide public value are all examples of charitable objectives. In India, tax regulations for charitable institutions have …