Extension of opportunity to NGOs to apply for FCRA registration on filing of ARs

Extension of opportunity to NGOs to apply for FCRA registration on filing of Annual Return  

For non-submission of ARs for the year 2017-18 , FCRA registration of many Associations was cancelled

The Ministry of Home Affairs, in view of representations made by many such Associations vide order dated 18th March 2020, had granted one­time exemption to such Associations from to enable them to apply for registration within 60 days on the condition of submitting missing Annual Returns electronically on FCRA  Portal along with the penalty.

Now, considering the lock down situation arising due to COVID-19 pandemic,  the Ministry has decided that period of 60 days granted to enable the Associations/NGOs to apply for fresh registration after electronic submission of missing Annual Returns on the Portal along with the penalty has been further extended for another 60 days.

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• Expenses of ESOP are allowable as revenue expenditure u/s 37(1) of Income Tax Act.
• Compliance history of supplier can’t be used to invalidate genuine business transactions of buyer
• Reassessment quashed as AO issued notice u/s 148 instead of 153C as reopening was based on search
• Empanelment of CA/CMA /Legal firm for FEMA & other allied services at EPIL
• Individual contract for booking persons for participation in event not event management liable to service tax