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NGO Accounting Services in India

Q: What is the NGO Financial Management Policy?

An NGO Financial Management Policy is a written guide that explains the organisation’s accounting rules, systems, and steps to be followed. It helps maintain proper records, ensures internal controls, and supports compliance with legal rules.

Q: Who is liable for the management of the finances of the NGO?

The main responsibility lies with the NGO’s governing body, Board of Trustees (Trust), Managing Committee (Society), or Board of Directors (Section 8 Company). Day-to-day work is handled by the finance team, often led by a Finance Manager or Accountant.

Q: Can an NGO that operates at multiple locations maintain books of accounts location-wise?

Yes. NGOs with more than one office can keep separate books of accounts for each location. However, they must also prepare combined (consolidated) financial statements for complete reporting and compliance purposes.

Q: Are NGOs' financial statements public?

For Section 8 Companies, financial statements are public and can be accessed through the Ministry of Corporate Affairs (MCA) website. In the case of Trusts and Societies, they must submit their records to authorities and often to donors, even though public access is limited.

Q: Is an audit compulsory for NGOs?

Yes, an audit is generally required. The rules depend on the type of registration (Trust, Society, or Section 8 Company) and the NGO’s income or expenditure size. NGOs that receive foreign contributions under FCRA must get their accounts audited by a Chartered Accountant every year.

Q: Can NGOs use funds from one project for another?

No, funds that are marked as restricted by donors must only be used for the stated purpose or project. Using them for another project without written permission from the donor is not allowed. Unrestricted funds can be used more flexibly by the organisation as needed.

Ensure compliance and transparency with NGO Accounting Services in India. RegisterKaro streamlines finances so you focus on impactful work.

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Serving Businesses Across India

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Frequently Asked Questions (FAQs)

What are the tax benefits for NGOs?

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NGOs registered under Section 12A of the Income Tax Act do not have to pay income tax on their income, as long as it is used for charitable purposes. Donors who give money to NGOs registered under Section 80G can claim a tax deduction on the amount donated, which helps reduce their taxable income.

What is the NGO Financial Management Policy?

Who is liable for the management of the finances of the NGO?

Can an NGO that operates at multiple locations maintain books of accounts location-wise?

Are NGOs' financial statements public?

Is an audit compulsory for NGOs?

Can NGOs use funds from one project for another?

How does RegisterKaro help in NGO Accounting?

RegisterKaro offers comprehensive NGO accounting services, providing expert support to ensure your organization's financial health and compliance. Our services include:

End-to-end Bookkeeping: Meticulous recording of all financial transactions.
Statutory Compliance: Ensuring timely and accurate filings under Income Tax, FCRA, and other relevant laws.
Financial Reporting: Preparation of all necessary financial statements and reports for internal and external stakeholders.
Audit Preparedness: Support during internal and external audits to ensure smooth processes.
Advisory Services: Guidance on financial policies, internal controls, and best practices for NGOs.

How does RegisterKaro help in NGO Accounting?

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