Who is an assessee ?

Extract of sec 2(7)(a)

Assessee means a person by whom any tax or any other sum of money is payable under this Act, and includes

• every person in respect of whom any proceeding under this Act has been taken for the assessment of HIS income or
• of the Income of any other person in respect of which he is assessable
• or of the loss sustained by him or by such other person or of the amount of refund due to him or to such other person

Synopsis

• Introduction and Applicability
• Objective
• Important Definitions
• Prohibition to accept foreign contribution
• Non-applicability
• Registration
• Grant of certificate, suspension, cancellation and renewal of certificate
• Maintenance of accounts and Audit of accounts
• Offences and Penalties
• Miscellaneous Provisions
• Reporting in various forms under the Act

Introduction and Applicability

Name of the Act:

• This act may be called as “The Foreign Contribution (Regulation) Act, 2010.” It is often referred as “FCRA”.

Applicability of the Act:

It is applicable to whole of India and

It shall also apply to

• Citizen of India outside India and
• Foreign associate branches or subsidiaries of companies or bodies corporate registered or incorporated in India.

Key Topics Covered:

• AUDIT
• INCOME TAX

Updates

• FEMA
• COMPANIES ACT, 2013

Key Topics Covered:

1. INTERNTATIONAL TAXATION
2. INCOME TAX
3. GST