TMI BlogForeign Contribution Regulation Act "FCRA" CompliancesX X X X Extracts X X X X X X X X Extracts X X X X ..... Foreign Contribution Regulation Act "FCRA" Compliances - By: - Rajeev Jain - FEMA - Foreign Exchange Management - Dated:- 31-3-2023 - - The application compliances towards donation received under FCRA, 2010 is given as under: (Assumes that registration and other compliances are completed in the order) FCRA Compliances includes Annual return in Form FC-4 along with statement o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f receipt and payment account balance sheet duly certified by CA shall be submitted annually online by 31st of Dec every year. Records Proper books of account shall be maintained Even if there is no utilization or receipt of Foreign contribution, then also required to submission of nil FCRA return is Compulsory for proper compliance under FCRA. FCRA Compliance are mandatory in nature ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any violation thereof may lead to Imprisonment or penalty or both as per the provisions of the FCRA act. From Bank's Point of View Banks are needed to report 2 kinds of transactions to Govt. Below Main Online FCRA Forms are needed to be filed under FCRA S. No. Kind of FCRA Form Filing Due Date Nature ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Purpose 1- FC-1 (Part-D) Within 45 days of being nominated Intimation If Any Election Candidate has received any Foreign Contribution during 180 days prior to being nominated. There is no minimum amount limit. (Election candidates are prohibited of taking any Foreign Contribution) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2- Form FC- 1 (Part-B) 31 st Dec in the Next year end of the year Intimation Providing information about Securities received during the year 3- FC-1 (Part-B) 31 st Dec in next year end of the year Intimation Provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding information about AOA received during the year 4- Form FC- 1 (Part-A) Within 30 days of receipt Intimation For informing the Govt about receiving large gifts from relatives (Who are Foreign Citizen ). This applies to all individuals and HUFs. The cut-off is INR 1,00,000/- in 1 FY . (Person h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as to file this intimation for each receipt after crossing INR 1,00,000/- during the FY) 5- FC-2 14 days in advance Permission Persons holding public office should apply in form FC-2 before accepting foreign hospitality. There is no lower cut- off, though a dinner invitation or a lift is exempt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6- Form FC- 3 (Part B) Not applicable (Normally takes 3 to 6 months to get Prior permission) Permission Persons who cannot get FCRA registration should apply for prior- permission. (Prior permission is linked to specific project of NGOs and for a specified sum of Foreign Contribution. Via Foreign cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribution may be received in installments) 7- FC-3 (Part A) Not applicable (Normally takes 4 to 6 months to get registered) Permission Persons who want to accept foreign contribution regularly should apply in form FC-3 for registration. (Normally NGOs having a proven track record of 3 years have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spent INR 10 Lakhs or more for the object of the trust) 8- Form FC- 3 (Part C) Ideally 5-6 months before expiry Permission The FCRA registration is valid for Five Years only so need to apply for renewal in FC -3 Part C 9- FC-5 Before trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ferring such contribution Permission Any FCRA registered person who intends to transfer foreign contribution to any unregistered person. 10- FORM FC-4 (Includes Auditor s report) 31 st Dec Following the end of the year. Annual Return Form FC-6 is an annual repor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t on how much foreign contribution has been received and used during the financial year. This includes contribution in money as well as in kind. To be filed by FCRA registered person or having prior permission persons 11- FC-6 Within 15 days of change Intimation Any FCRA registered person who wants to change As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sociation name or Designated bank account or Utilization Bank Account or more than 50% of Key members. We hope the above compliances are useful for reader. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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