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March 15, 2020

Filing of Annual Returns, Accounts and Audit as per Foreign Contribution Regulation Act 2010

by facelesscompliance in Corporate Law

Accounts to be maintained on annual basis from April to March. All details of FC received shall be maintained. Income and Expenditure and Balances heet are to be prepared exclusively for FC received. Accounts and records relating to receiving and utilization of foreign contribution are to be maintained exclusively/ separately only in designated bank accounts.

Is online submission of annual returns mandatory?

Yes. Annual returns are to be filed online at fcraonlineservice.nic.in. No hard copy of the returns shall be accepted in FCRA Wing of Ministry of Home Affairs.

What is the last date for online filing of returns?

Ans. The return is to be filed online for every financial year (1st April to 31st March) within a period of nine months from the closure of the year i.e. by 31st December each year.

What is the procedure for filing Annual Returns?

Ans. The Annual return is to be submitted online at fcraonline.nic.in in prescribed Form FC-4, duly accompanied balance sheet and statement of receipt and payment, which is certified by a Chartered Accountant. Submission of a ‘NIL’ return, even if there is no receipt/utilization of foreign contribution during the year, is also mandatory. However, in such case, certificate from Chartered Accountant, audited statement of accounts is not required to be uploaded.  Annual Return are to be filed online at fcraonline.nic.in For further details, please refer to Rule 17 of the foreign contribution (Regulation) Rules, 2011 (FCRR, 2011) 

For how many years an association which has been granted prior permission to receive foreign contribution should file the mandatory annual return?

Ans. The association should fill the mandatory annual return on a yearly basis, till the amount of foreign contribution is fully utilized. Even if no transaction takes place during a year, a NIL return should be submitted.

What are the consequences of not filling the annual returns on time?

Ans. An association not filing annual return on time may face the following consequences:

(1) Imposition of penalty for late submission of return.

(2) Cancellation of registration

When Audit is required?

The audit report has to be uploaded by Chartered Accountant in FC 04 Form. This to be uploaded before due date of 31 December annually. FC04 forms shall provide details of FC received, utilised, purpose, and manner of utilisation. Even NIL report need to submitted though Chartered Accountant certificate may not be required for NIL report

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