Hi Guys,
Can someone send a detailed checklist on what are the things to be checked regarding DONATIONS GIVEN AND RECEIVED BY A CO(NOT FOR A PROFIT CO) REGISTERED UNDER COMPANIES ACT IMMEDIATELY?????
1 Replies
CA P KARTHIKA
(Chartered Accountant)
(715 Points)
Replied 21 May 2009
Hi Anurag,
For checking donations received and paid for the things to be considered are:
Companies registered under Companies Act & other than Companies:
1.Whether Articles provide for the same
2.Required % of amount transfered to reserve a/c and should not exceed the ceiling prescribed
3.To check whether the donee who receives donation were given exemption u/s 80G.
4.Whether donations received or paid are backed up by receipt vouchers with required authorisations and correct accounting treatment...
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