News – Page 7 – ngoenabler

Effective Date of FCRA Amendments

On September 30, 2020 / Comments 0

The MHA department has notified 29th day of September, 2020 as the effective date for the new amendments. Now this will lead to another confusion and conundrum as making the amendments applicable with almost immediate effect, will not give time to NGOs to let it in sink in and take any proper action for complying with the new regulations https://ngoenabler.com/wp-content/uploads/2020/09/20200929_225029.jpg...

Curb on Banking Fraud

On September 26, 2020 / Comments 0

Another system of tracking the high value transactions is being introduced by RBI to stop banking frauds - " Positive Pay System" The issuer of cheque might now have to submit electronically through Mobile App, Internet banking , ATM or SMS , the details of the cheque to the drawee bank for reconfirmation and cross verification before clearance of cheque. Though as of now it will be optional and at the discretion of the account holder to avail the facility but the banks might consider making it mandatory above certain limit, say Rs. 5 lacs .Courtesy:https://m.economictimes.com/news/economy/policy/positive-pay-system-for-cheque-payments-to-come-into-effect-from-january-1-2021-rbi/articleshow/78322892.cms...

Recent Judgement on application for 12A registration by the Apex Court

On September 25, 2020 / Comments 0

Ananda Social And Educational Trust vs. CIT (Supreme Court) 12AA registration no stipulation that the trust should have already been in existence and should have undertaken any activities before making the application for registration. The term ‘activities’ in s. 12AA includes ‘proposed activities’. S. 12AA: Registration can be applied for by a newly registered trust. There is no stipulation that the trust should have already been in existence and should have undertaken any activities before making the application for registration. The term ‘activities’ in s. 12AA includes ‘proposed activities’. The CIT must consider whether the objects of the Trust are…...

FCRA Amendment Bill, 2020 on the table

On September 14, 2020 / Comments 0

It seems that the Government is likely to come up with some major #FCRA amendment this parliament session, which will take its shape in the form of The Foreign Contribution (Regulation)Amendment Bill, 2020. https://t.co/OFlMeNpqdY https://t.co/OnqroZLtUU...

CBDT Latest News

On August 30, 2020 / Comments 0

CBDT has issued Circular no. 16/2020 on 30th August, 2020 advising banks to immediately refund the charges collected, if any, on or after 1st January, 2020 on transactions carried out using the electronic modes prescribed under section 269SU of the Income-tax Act,1961. Banks are also advised not to impose any charges on any future transactions carried through these prescribed modes. https://ngoenabler.com/wp-content/uploads/2020/08/CBDT-LATEST-CIRCULOR.jpg...

Changes in the Schedule VII of the Companies Act

On August 29, 2020 / Comments 0

The Ministry of Corporate Affairs, vide Gazette Notification dated 24th August, 2020, has issued the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020 to amend the Companies (Corporate Social Responsibiltiy Policy) Rules, 2014. Accordingly, changes to the Schedule VII to the Companies Act has been made vide notification dated August 24, 2020. The change has come into effect from 24th August, 2020.. Post this notification, any company engaged in research and development activity of new vaccine, drugs and medical devices in their normal course of business may undertake research and development activity of new vaccine, drugs and medical devices related to COVID-19 for financial…...

Recent Directive of Calcutta High Court on Private Schools

On August 20, 2020 / Comments 0

A Directive has been issued by Calcutta High Court for private schools in West Bengal on 18th August, 2020 on the matter ofrelated to school fees. The order covers as many as 150 schools in the state. As per the directive, the following documents/details have been called for: a) Financial Statements (income and expenditure as per the format enclosed in the order) from January 2020 to July 2020 b) Corresponding figures from January 2019 to July 2019 c) Declaration from regular auditors d) Affidavit from Management (as per the format enclosed in the order) Team NGOenabler have come up with…...

Govt launches web portal, mobile app to make skill development

On August 7, 2020 / Comments 0

https://timesofindia.indiatimes.com/india/govt-launches-web-portal-mobile-app-to-make-skill-development-schemes-accessible/articleshow/85131408.cms...

IT Dept create dedicated email ids for Registration & Grievances in respect of pending cases and same can be furnished as under

On / Comments 0

For Faceless assessments : samadhan.faceless.assessment@incometax.gov.in;For Faceless penalty: samadhan.faceless.penalty@incometax.gov.in;For Faceless Appeals: samadhan.faceless.appeal@incometax.gov.in....

DO IT NOW ! !

On July 18, 2020 / Comments 0

Check your Form 26AS now to ensure complete compliance under the Act and taking timely action in case of any unknown transactions recorded against your PAN!! CBDT recently brought out the new form 26AS for ease of filing of Income Tax Returns(ITRs)by taxpayers.The new form is a faceless handholding of taxpayers,to help them with updated financial transactions,so as to facilitate voluntary compliance &easy e- COURTESY: https://t.co/w0as1LxwQP DOWNLOAD PRESS RELEASE...

One more relaxation by CBDT

On July 13, 2020 / Comments 0

One more relaxation by CBDT and again a very heartening and welcome one. One time relaxation has been provided to all the taxpayers who have filed the returns electronically within the time limit prescribed u/s 139 of the Income Tax Act but the processing remained pending due to non-submission of ITR-V.The relaxation has been provided with effect from AY 2015-16 till AY 2019-20. Such taxpayers can now send the signed physical copy by speed post to CPC or verify through EVC/OTP option given on the portal. The last date to avail the one time relaxation is 30.09.2020. https://ngoenabler.com/wp-content/uploads/2020/07/One-time-relaxation-for-Verification-of-tax-returns.pdf...

NGOs facing shortage of funds

On July 12, 2020 / Comments 0

So, one of the Corona Warriors who are silently, selflessly working and supporting the efforts of Government are facing shortage of funds in the country with the population of more than 1 billion. In the latest update, it was found that NGOs working tirelessly towards the social and medical welfare of the needy section of the society, are facing shortage of funds. According to a report in Economic Times, in FY 21 so far, funding for non-governmental has lowered 43 percent from previous FY 20. It seems that most of the fund are being directed to a particular purpose due…...

Beware of The Banks Integrated With PFMS

On July 11, 2020 / Comments 1

Are you thinking of changing your FCRA Designated Account or in the process of opening a utilization account? Be aware of the banks integrated with PFMS of the FCRA Department because your banker might not be authorized to open a FCRA Account. Log on to the FCRA website – www.fcraonline.nic.in and under the tab “Information Bank”, the first option “List of Banks integrated with PFMS” there appears the list of authorized banks. So, for any FCRA compliance and consultancy, contact Team NGOenabler for expert opinion and advise. Have a look at our video https://youtu.be/l_H5XA-a3Ms...

BEWARE !! BEWARE !! BEWARE !!

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Team NGOenabler takes this initiative to caution all the registered societies in West Bengal who have renewed their registration on the online portal of www.edistrict.wb.gov.in. Check the validity of your certificate to ensure you are not among the targeted ones. Have a look at our video for more details: https://www.youtube.com/watch?v=oKDXmzLj35Y...

Again A Major Relief For Taxpayers !!

On June 25, 2020 / Comments 0

CBDT issues Notification no S.O. 2033(E) dated 24th June, 2020 on Taxation & Other Laws, further extending the time limits for various compliances. Notification to come into force from 30th June, 2020 & is available at:http://egazette.nic.in/WriteReadData/2020/220145.pdfSome of the major changes announced which have an impact on NGOs are: a) Further extension of due date for TDS return for the quarter ending March 2020 from 30.06.2020 to 31.07.2020.b) The due date of issuance of TDS Certificates have also accordingly been extended to 15th August, 2020. c) The due date for filing income Tax Return for the FY 2018-19 has been further…...