Financial Management Service Foundation

Get ready for an insightful CSO Legal Symposium on FCRA and Income Tax on 9th December, 2024! #FCRA #Incometax #NonProfitCompliance #CSO #CSOLegalSymposium #fmsf

Mr. Sandeep Sharma led an impactful masterclass on “Strengthening Compliance through Effective Governance” along with Ms. Aarti Madhusudan as the co-speaker at the Dialogues on Development Management (DoDM), organized by ISDM, a unique platform for the social sector. With insightful discussions, real-world examples, and interactive learning, the session emphasized how governance drives compliance, promotes accountability and builds resilience in Social Purpose Organisations. Here's a glimpse of the action! #FMSF #DoDM2024 #ISDM #GoodGovernance #ComplianceMatters #SustainableImpact

The New ITR-7 Form, Part B-TI requires reporting of the amount accumulated or set-aside for specified purposes if all conditions in sections 11(2) and 11(5) or the third proviso to section 10(23C) are fulfilled. If any amount is accumulated, the assessee is now also required to report the following information: (a) whether option in Form No. 10 has been furnished to the Assessing Officer, (b) If yes, date of furnishing Form No. 10. Previously, these details were only required for Form No. 9A i.e. in case of if any amount was considered as a deemed application. However, now such information is also required for amounts accumulated by filing Form 10. click on the link to read the Hindi Version: https://bit.ly/490FuHQ #doyouknow #kyaaapjaantehai #stayupdated #legalupdates #FMSF

Tick Tock!! November 15th is the deadline. Don't miss out! #StayUpdated #TDS #Compliance #StayCompliant #FMSF

Struggling with the complexities of FCRA and Income Tax Compliances? You're not alone! With evolving regulations, it is crucial to stay informed and keep your organization compliant. Join us at the CSO Legal Symposium on 9th December, 2024 in New Delhi, where renowned experts from the sector will decode the latest updates in FCRA and Income Tax regulations. This one-day event offers practical insights, critical updates, and effective strategies to tackle regulatory challenges.   Seats are filling up fast. Register now to secure your spot! https://bit.ly/3YDQSEI #FCRA #IncomeTax #NonProfitCompliance #CSOLegalSymposium #fmsf

Reminder The due date for the payment of TDS deducted during the month of October is November 7th, 2024. Ensure compliance by making the payment on time. #StayUpdated #TDS #Compliance #StayCompliant #FMSF

May this Diwali bring lights of joy, colours of happiness, and a spark of endless hope to your life. Wishing you a bright and prosperous Diwali. #diwali #fmsf #diwali2024 #diwalivibes #happydiwali

As per CBDT Circular No. 13/2024 dated 26-Oct-2024, an extension is provided for furnishing the Return of Income for AY 2024-25. In exercise of the power conferred u/s 119 of Income Tax Act, 1961, the CBDT extended the due date for furnishing of “Return of Income” in “Form ITR-7” under sub-section (1) of section 139 of the Act for Assessment Year 2024-25 from 31st October 2024 to 15th November 2024. CBDT Circular attached herewith for your reference. Click on the link to read the Hindi Version https://bit.ly/3NGRnIY #doyouknow #kyaaapjaantehain #legalupdates #stayupdated #fmsf

Many organisations have been experiencing challenges due to delays in the approval of Form FC- 6E on the FCRA portal. This delay has further prevented them from submitting a new application in Form FC- 6E to update the changes that occurred after the last form was submitted, which is still pending for approval. As a result, associations risk violating FCRA norms that require filing Form FC- 6E within 45 days of any changes. Now, the Ministry of Home Affairs (MHA) has updated the FCRA portal. The new functionality allows organisations to submit additional FC- 6E even if the previously submitted form is still under review. However, it may be noted that the moment a new form is uploaded, the previous form becomes invalidated. Therefore, we suggest the following: 1. Ensure to file Form FC- 6E as and when there are changes in key functionaries in the organisation within 45 days of such change. 2. If there are earlier filed FC- 6E still not approved, please keep a copy of the form on record. Please note that the effect in the new form for changes already filed comes in pre-filed and not needed to be filled again. We advise organisations to strictly comply with FCRA norms of intimating any change in its key functionaries within 45 days of such change. Click here to read the hindi version : https://bit.ly/4e2CXxJ #doyouknow #kyaaapjaantehai #legalupdates #stayupdated #FMSF

The CBDT has notified the new Form for Income Tax Return (ITR-7) for the Assessment Year 2024-25. One of the new requirements in ITR-7 included in 'Part A-GEN', where the assessee is mandated to furnish both the acknowledgement number of the audit report and the Unique Document Identification Number (UDIN). Consequently, the assessee has to mention the acknowledgement number of the audit report filed in Form 10B/ 10BB, as applicable.  This requirement stems from the fact that the audit report must be submitted on either Form 10B or Form 10BB at least one month before the deadline for the submission of the income tax return. To read the Hindi version, click on https://bit.ly/4dQ3myE #doyouknow #kyaaapjaantehai #legalupdates #stayupdated #fmsf