Ashim kr Ray (social service) (1695 Points)
09 March 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178406 Points)
Replied 09 March 2017
Much depends upon the activity of the NGO. Usually Income & Expenditure account, if no business activity.
Refer: 1. https://india.fundsforngos.org/featured/accounting-manual-indian-ngos/
and/or 2. https://jurip.org/wp-content/uploads/2016/12/Nilasha-Raha.pdf
Ashim kr Ray
(social service)
(1695 Points)
Replied 09 March 2017
Sir,
Which ITR has to be filled for NGO ITR 7 or ITR 5 ,if the Ngo is not register with Income TAx Department with 12A?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178406 Points)
Replied 09 March 2017
In that case ITR 5 (for AOP) is applicable.
Ashim kr Ray
(social service)
(1695 Points)
Replied 10 March 2017
Sir,
What Tax slab rate NGO will fall ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178406 Points)
Replied 10 March 2017
[Section-167B] : Association Of Persons (AOP) And Body Of Individuals (BOI) |
| (A) Where the Individual Share Of The Members of an AQPs / BOIs are unknown—
tax shall be charged on the total income of the body at the maximum marginal rate of tax: Where the total income of any member of such association or body is chargeable to tax at a rate which is higher than the maximum marginal rate, tax shall be charged on the total income of the association or body at such higher rate. (B) Where the Shares Of The Members Of An Association Of Persons Or Body Of Individuals Are Known: (i) the total income of any member thereof for the previous year exceeds the maximum amount which is not chargeable to tax, tax shall be charged on the total income of the association or body at the maximum marginal rate; (ii) any member or members thereof is or are chargeable to tax at a rate or rates which is or are higher than the maximum marginal rate, tax shall be charged on that portion or portions of the total income of the association or body which is or are relatable to the share of such member or members at such higher rate or rates, as the case may be, and the balance of the total income of the association or body shall be taxed at the maximum marginal rate. |
Ashim kr Ray
(social service)
(1695 Points)
Replied 10 March 2017
Sir,
At the time of registering the NGO Pan Card in Income Tax site.Which option has to be selected ,Trust or AOP .As the NGO Pan card starts with AAQ
Ashim kr Ray
(social service)
(1695 Points)
Replied 11 March 2017
Sir,
It is AAQTS starts with.
i Have select the Trust option and want to register , but there shows invalid organition name retry.What to do in that case.?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178406 Points)
Replied 11 March 2017
Is name same (with order of words and spelling) as per PAN allotment letter?
Ashim kr Ray
(social service)
(1695 Points)
Replied 11 March 2017
Sir
I am getting problem at the time of Filling the name of the organisation name.The name is SOCIETY FOR LIVELYHOOD PROMOTION AND AGRO INDUSTRY DEVELOPMENT.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178406 Points)
Replied 11 March 2017
If name is correct and same as per allotment letter, call helpline for help.
Ashim kr Ray
(social service)
(1695 Points)
Replied 14 March 2017
Sir,
In what situation ITR 5 is used and in what situatuation ITR 7 is used for NGO.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178406 Points)
Replied 14 March 2017
One of many reasons: charitable/religious trusts file ITR 7.............
CAclubindia
