Author Archives: Homiyar Madan

The Foreign Contribution (Regulation) Amendment Act, 2020 No.33 2020

FCRA

Received the assent of the President on the 28th September, 2020 and is effective from 29th September, 2020  Amendment of section 3 In section 3 of the Foreign Contribution (Regulation) Act, 2010 (hereinafter referred to as the principal Act), in sub-section (1),— (i) for clause (c), the following clause shall be substituted, namely:— “(c) public […]

Submission of Return FY 2019-20 AY 2020-21

As most of you are aware the date for submission of your return of income was extended from July 31, 2020 to October 31, 2020 in the first quarter of this calendar year. Along with that extension the date for submission of audit reports was extended from September 30, 2020 to October 31, 2020 and […]

Deferment of Re-registration U.S. 12AA and 80G

The re-registration and renewal of  the 12AA and 80G certificates was originally supposed to commence on 1stJune and end by 31st August 2020. This time frame was subsequently extended and was to start from 1stOctober and end by 31st December 2020. The exercise is now likely to be deferred to 1st April 2021 under ‘The Taxation and Other Laws […]

Process of Registration under the Foreign Contribution Regulation Act

In order for a person to register under the Foreign Contribution Regulation Act (FCRA), the concerned person must submit Form FC-3A (Application for FCRA Registration) to the Ministry of Home Affairs. Pre-Requisites for Application The following requisites / compliances need to be met before making the FC-3A application. The applicant entity is at least 3 […]

Treatment of Money (donation / funding) from Foreign Companies / Subsidiaries of Foreign Companies in India In Local Accounts

Note : This note is only to cover the changes made by the Finance Act 2016 and Finance Act 2018 redefining the concept of foreign source in respect of companies registered in India and compliant under FEMA. Background The FCRA regulates receipt of foreign contribution from any foreign source. “Foreign Source”, under Section 2(1)(j) subclause […]

TDS Rate Chart for FY 2020-21

Rates of TDS applicable for Financial Year 2020-21 Assessment Year 2021-22 from 14th May 2020 are as under Due dates for TDS quarterly Returns: Due dates for TDS payment: Interest on late payment and Late deduction of TDS: As per section 201(1A) Interest at the rate of 1% per month or part of the month […]