Can a coaching centre in India accept regular foreign contribution of Rs. 40 Lakhs apprix and disburse among tutors with no loss, no profit concept? What are procedural formalities please.
Jayanta Bandyopadhyay (232 Points)
11 December 2021Can a coaching centre in India accept regular foreign contribution of Rs. 40 Lakhs apprix and disburse among tutors with no loss, no profit concept? What are procedural formalities please.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 11 December 2021
There is no procedure apart from defining your company as One man company, partnership, LLP, etc. So, define your company structure and follow relevant accounting policies.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 11 December 2021
I couldnt find schhol accounting manual, i read before its all about reporting expenses and incomes etc. Does your business fall under school accounting or do you normally prepare a financial statement.
Jayanta Bandyopadhyay
(232 Points)
Replied 11 December 2021
Sir
It is a private online tutorial purely for USA based Indian students. Here Indian teachers will take online classes and foreign sponsors will remit Rs.35 Lakhs per annum towards fees.
It is a partnership model . No profit, no loss basis. Whatever, foreign contribution is received, will be distributed here. But we will raise an Invoice on foreign sponsor for record purpose.
Please guide.
CAclubindia
