Tax liability of fcra amount recieved
I want to clear my doubt on topic of FCRA.
What are the tax implication on the amount received under FCRA approval by a Society registered under Societies Registration Act 1860? What must be done if balance amount is left in th FCRA bank account at the year end?
this way you will be able to avoid tax liability be spending the short amount in subsequent year.
As mentioned in section 11/12, the voluntary donations must be spent on charitable purpose. Bt if the society spend its fcra funds on the repayment of loan which was taken for conducting charitable works then would this repayment of loan will be treated as under expense for charitable purpose
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