Coaching centre receiving foreign donation

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.

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.

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.