Over 4K Educational Institutes didn't filed ITR (Income Tax Return) including LSR, AMU: It is appaling to know that bigwig institutes like Lady Shri Ram, Aligarh Muslim University, Delhi College of Engineering among followed by the huge list containing the names 4,717 Educational Institutes have not filed Income Tax Return for 2015-16 as mandated by Foreign Contribution (Regulation) Act, 2010 on time. As per the section 17 of FCRA, the NGOs and organizations concerned should have filed their annual FCRA return for 2015-16 until 31 December 2016. However, they failed to do so. The good news for them is that the organisations still have time to submit their annual returns.
- The Home Ministry has given them a grace period of 30 days to submit the return after paying a penalty. The ministry had issued the public notice last month concerning filing the return. Now the extended deadline for the compliance ends on 18 October 2017.
- In the public notice, it is stated that the organisations have been asked to enclose a copy of the order along with their representation. It will help in maintaining the good image of the institutions like IIM Kolkata, IIM Lucknow, IIT, LSR, AMU and DCE as because the Home Ministry notification had spared all associations formed under an Act. However, the accounts were anyway scrutinised and audited by the CAG.
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Key Points about ITR Filing by the Organisations
- Organisations like Lady Shri Ram, Aligarh Muslim University, IIM IIT etc. have been alleged that they have not filed an ITR for the year 2015-16.
- The Home Ministry has given them a grace period of 30 days to submit the return after paying a penalty.
- The institutes can file Income Tax Return until the extended deadline of 18 October 2017.
- It will benefit the institutions like IIM, IIT, LSR, AMU and DCE as because the Home Ministry notification had spared all organizations formed under an Act.
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