Ngo return filling and requirment of audit.
This query is : Resolved
25 June 2016
Hi,
We have a newly formed NGO, we need to file the ITR of last year, in which ITR form we should file the ITR and do we need to get the Audit report??
Thanks
We have a newly formed NGO, we need to file the ITR of last year, in which ITR form we should file the ITR and do we need to get the Audit report??
Thanks
26 June 2016
More details required to decide on ITR form.
1 Whether NGO registered u/s 12A of the IT Act.
2 Whether Income before claiming exemption u/s 11 and 12 exceed basic exemption limit.
1 Whether NGO registered u/s 12A of the IT Act.
2 Whether Income before claiming exemption u/s 11 and 12 exceed basic exemption limit.
26 June 2016
Sir we are not registered U/S 12A and 80 G.
And during the last FY donation and expenses were around Rs. 2 Lakhs.
And during the last FY donation and expenses were around Rs. 2 Lakhs.
27 June 2016
You have to file ITR 5. No need of audit report.
27 June 2016
So we have to file ITR-5 in the capacity of AOP?? and we can't claim exemption of Sec 11 & 12 !!!
So the income will be treated as business income??
So the income will be treated as business income??
27 June 2016
Yes in respect of point one. In respect of point two it is business income if only any business is done.
27 June 2016
Sir actully we did only the Charitable work during the last year, and it resulted arount Rs 2 lakh donation received and of almost the same amount we did the charity work. there were no business at all during the last year.
Sir cane you please share your M. No., mine is 09711962721
Sir cane you please share your M. No., mine is 09711962721
27 June 2016
Treat the income as income from other sources. My No. 9443357248.
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