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The Ministry of Home Affairs (MHA) has introduced significant changes to the Foreign Contribution (Regulation) Rules, 2011 through a notification dated 31st December 2024, effective from 1st January 2025.
Here are the highlights of the amendments:
1. 👁️🗨️ 𝐂𝐚𝐫𝐫𝐲 𝐅𝐨𝐫𝐰𝐚𝐫𝐝 𝐨𝐟 𝐔𝐧𝐬𝐩𝐞𝐧𝐭 𝐀𝐝𝐦𝐢𝐧𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐯𝐞 𝐄𝐱𝐩𝐞𝐧𝐬𝐞𝐬: Associations can now carry forward the unspent portion of allowable administrative expenses to the next financial year, provided reasons are specified in Form FC-4.
2. 👁️🗨️ 𝐔𝐩𝐝𝐚𝐭𝐞𝐬 𝐢𝐧 𝐅𝐨𝐫𝐦 𝐅𝐂-4: New Provisions inserted -
(a) Reporting transfer of foreign contribution as part of an income tax refund from a non-FCRA bank account.
(b) Detailed reporting for the carry forward of unspent administrative expenses.
(c) Requirement to provide the Chartered Accountant's details, who is issuing certificates under sub-rule (5) of rule 17.
3. 👁️🗨️ 𝐍𝐞𝐰 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 𝐟𝐨𝐫 𝐂𝐡𝐚𝐫𝐭𝐞𝐫𝐞𝐝 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐭𝐬: CAs must explicitly certify whether there were any violations of the FCRA Act, with details if applicable.
4. 👁️🗨️ Any questions or doubts⁉️Get your answer or doubts clearance and consultation from the OZGIAN helpdesk exclusively for FCRA and FEMA compliance.
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