A Client of mine has been asked to furnish detailed information in respect of 'RECEIPT & UTILISATION OF FOREIGN CONTRIBUTION RECEIVED from inception which covers a period of more than 25 years period. The problem in complying with the instruction is that the records beyond 11 years are either partially available/ not at all available. Can the Organisation jusify its stand of not furnishing the information, asked for, beyond 11 years or else can take recourse to any law supporting its stand of not-furnishing beyond the period of eleven years ( the period for which the records are available). Incidentally the Organisation is a 'AOP' and filing returns under IT Act, Valued opinion with supporting law cases, if any, is urgently solicited.
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Maintenanceof records
Sir you have not mentioned under which act/ law the said demand has been raised . assuming it pertains to income tax law and as per my knowledge the answer will be as follows-
Provisions in relation to maintenance of books of accounts (Section 44AA)Prescribes the period of maintenance of records for a period of 6 years only therefore details beyond this period can not be asked for. and assessee is right in denying to supply the information beyond 6 years. Originally posted by : Biswas Ardhendu Sekhar |
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A Client of mine has been asked to furnish detailed information in respect of 'RECEIPT & UTILISATION OF FOREIGN CONTRIBUTION RECEIVED from inception which covers a period of more than 25 years period. The problem in complying with the instruction is that the records beyond 11 years are either partially available/ not at all available. Can the Organisation jusify its stand of not furnishing the information, asked for, beyond 11 years or else can take recourse to any law supporting its stand of not-furnishing beyond the period of eleven years ( the period for which the records are available). Incidentally the Organisation is a 'AOP' and filing returns under IT Act, Valued opinion with supporting law cases, if any, is urgently solicited. |
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The information was asked under the FCRA
PRESERVATION OF
ACCOUNTING RECORDS
FOR 6 YEARS
As per FOREIGN CONTRIBUTION
(REGULATION) ACT 2010 & RULES 2011
The Rule 17(7) provides that
accounting statements shall be preserved
for 6 years. This is a very welcome change.
Earlier it was seen that the NGOs were
asked to provide books and records for past
10-15 years which was practically not
possible. This rule will provide a lot of relief
to the existing NGOs.
Hope ur are asked for books of accounts after this amendment
dear sir
whether ur query is still pending
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