Audit Report Flags Data Non-Sharing Between Tax Deparment, Home Ministry
NDTV
Comptroller & Auditor General's (CAG) Performance Audit report on 'Exemptions to Charitable Trusts and Institutions' noticed 35 assessment cases where the trusts/institutions received foreign contributions without having registration.
The CAG has slammed the income tax department for not formulating a data sharing mechanism with the Home Ministry to keep track of foreign contributions received and their utilisation for the declared purpose by charitable trusts and institutions.
The Comptroller & Auditor General's (CAG) Performance Audit report on 'Exemptions to Charitable Trusts and Institutions' noticed 35 assessment cases where the trusts/institutions received foreign contributions without having registration under FCRA, mismatch of figures of foreign contribution shown in ITR and that disclosed with the MHA, donation of foreign contribution by recipient trust to other trusts that were not registered under the FCRA 2010 or investment in foreign contribution in speculative mode.
In all the cases, the department had allowed exemption on such foreign contributions involving tax effect of Rs 182.10 crore, said the report tabled in Parliament on Monday. Non-government organisations (NGOs)/ trusts are allowed to receive foreign contributions (FCs) under the Foreign Contribution (Regulation) Act (FCRA). The Home Affairs Ministry monitors the receipts of FC.
The FCRA envisages registration of recipient of FCs with the ministry and also stipulates maintenance of separate accounts in a designated bank for the FCs received and the purpose of its receipt in the accounts. The returns are to be submitted annually to the Ministry of Home Affairs (MHA).
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