FAQs on NGO's Various Registrations and Compliances
1. What are the different types of NGO registrations in India?
NGOs in India can register under:Societies Registration Act, 1860
Indian Trusts Act, 1882
Companies Act, 2013 (as Section 8 Companies)
2. What is 12A and 80G registration?
12A registration allows NGOs to be exempt from paying income tax.
80G registration enables donors to claim tax deductions on donations made to the NGO.3. What is FCRA registration, and why is it important?
FCRA (Foreign Contribution Regulation Act) registration is required for NGOs to legally receive foreign donations.4. What are the annual compliance requirements for NGOs?
Filing annual financial statements and audit reports.
Submission of income tax returns.
For FCRA-registered NGOs, filing FC-4 annually.
5. How can an NGO lose its registration?
Non-compliance with reporting requirements, misuse of funds, or deviation from the stated objectives can lead to deregistration.FAQs on GST Registration and Compliances
1. Who is required to register for GST?
Businesses with an annual turnover exceeding ₹20 lakh (₹10 lakh for special category states) must register for GST. Certain businesses like e-commerce operators must register irrespective of turnover.2. What documents are required for GST registration?
PAN of the business
Proof of business registration
Address proof
Bank account details
Digital signature (for companies/LLPs)
3. What are the types of GST returns to be filed?
Common returns include:GSTR-1: Details of outward supplies.
GSTR-3B: Summary return of sales and purchases.
GSTR-9: Annual return.
4. What happens if GST returns are not filed on time?
Late filing attracts penalties, interest, and can lead to suspension or cancellation of GST registration.5. Can individuals or professionals register for GST?
Yes, freelancers or individuals providing taxable services exceeding the turnover threshold must register.FAQs on Income Tax Returns
1. Who is required to file an income tax return (ITR)?
Individuals, businesses, and entities with income above the taxable limit must file an ITR. Filing is mandatory for those with foreign assets or income as well.2. What are the types of ITR forms?
Common forms include:ITR-1: Salaried individuals with income up to ₹50 lakh.
ITR-4: For presumptive taxation (business/profession).
ITR-6: For companies.
3. What are the penalties for late filing of ITR?
A penalty of up to ₹5,000 may be imposed for late filing. Interest on unpaid taxes may also apply.4. Are there any tax-saving investments I can declare in my ITR?
Yes, investments under Section 80C (e.g., PPF, ELSS, LIC) and other sections like 80D (health insurance) can help reduce taxable income.5. Can an ITR be revised after filing?
Yes, an ITR can be revised if a mistake is discovered, provided it's done before the end of the relevant assessment year.FAQs on Company Formation
1. What are the types of companies I can register in India?
You can register:Private Limited Company
Public Limited Company
One Person Company (OPC)
Limited Liability Partnership (LLP)
2. What documents are required for company registration?
PAN card of directors.
Address proof of directors and registered office.
Memorandum of Association (MoA).
Articles of Association (AoA).
3. How long does it take to register a company?
The process typically takes 7–10 working days if all documents are in order.4. Do I need a digital signature for company registration?
Yes, a Digital Signature Certificate (DSC) is mandatory for directors during the registration process.5. What are the post-registration compliance requirements?
Filing annual returns with the Registrar of Companies (RoC).
Conducting board meetings and AGMs.
Maintaining statutory registers and books of accounts.
Filing income tax and GST returns if applicable.
FAQs on TALLYWhat is Tally Prime?
Tally Prime is an accounting software used for various financial operations such as accounting, inventory management, and compliance.
How to create a company in Tally Prime?
To create a company, go to the Gateway of Tally, select 'Create Company,' and fill in the necessary details like company name, address, and financial year.
What is the purpose of a ledger in Tally?
A ledger in Tally represents an individual account, such as a bank account or an income or expense category.
How to pass a journal entry in Tally?
You can pass a journal entry in Tally by selecting 'Accounting Vouchers' from the Gateway of Tally and choosing 'Journal' as the voucher type.
What is GST?
GST (Goods and Services Tax) is a unified indirect tax that replaced various indirect taxes in India. It is levied on the supply of goods and services.
How to file GST returns in Tally Prime?
Tally Prime facilitates the filing of GST returns by providing the necessary tools. Users can generate GSTR-1, GSTR-3B, and other required reports.
What are the different GST slabs in India?
The GST slabs in India are 5%, 12%, 18%, and 28%. Some items are exempted from GST, and there is a special rate for gold.
How to reconcile GSTR-2A with purchase data in Tally?
Tally Prime allows users to reconcile GSTR-2A with purchase data by using the 'Reconciliation' feature under 'GST Reports.'
What is Income Tax?
Income tax is a direct tax levied on the income of individuals, HUFs (Hindu Undivided Families), companies, firms, and other entities.
How to e-file Income Tax Returns (ITR) using Tally Prime?
Tally Prime facilitates the preparation of data required for filing Income Tax Returns, but users typically use the official Income Tax e-filing portal for submission.
What are the income tax slabs for individuals in India?
Income tax slabs in India vary based on the age and income of the individual. There are different slabs for individuals below 60 years, senior citizens (60 to 80 years), and super senior citizens (above 80 years).
How to calculate taxable income in Tally Prime?
Tally Prime provides various reports that help in calculating taxable income, including Profit & Loss statements and Balance Sheets.
Here’s a set of frequently asked questions (FAQs) for the topics mentioned: