Q. What do founders usually do to show their documentation of salary? Should I create a consultancy agreement for myself as well?
A. Since you are a specified person under Section 13, set up an engagement contract where the compensation should be reasonable i.e. based on your qualification, experience etc such compensation should be in line with the market rates or… Read the full discussion →
Q. We received a cash donation of more than Rs20,000 from a donor who is fully known to us. Are we allowed to accept this amount in cash?
A. Cash donation of Rs.20k can be received by an NPO. Only one caveat is that cash donation from a person on a particular day should not exceed Rs.2 lakhs as per section 269ST of Income Tax Act since… See the complete answer →
Q. If my Section 8 organisation is registered in Madhya Pradesh and hiring people on consultant basis only. Should I still need to procure professional tax registration?
A. Professional Tax is to be deducted by the employer from employee wages and deposited with the concerned department handling PT Act in that state. Consultants are outside purview… Read more on the forum →
Upcoming Compliance Dates for May 2025
22nd May: GSTR-3B under QRMP for Category X states
24th May: GSTR-3B under QRMP for Category Y states
30th May: Form 1A - Annual Disclosures Report
31st May: 24-25 Q4 TDS return; Form 10BD & 10BE
View full calendar →
Have a question of your own?
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Warm regards,
PATTIC
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