At the outset let me extent my heartiest wishes to all my professional colleagues for Year 2014. May the New Year bring you all the happiness, peace, prosperity and good health!
It is matter of immense pleasure to present the fifth edition of this E-Newsletter. In recent past we have seen radical changes in the law pertaining to charitable organizations. The Direct Tax Code has recommended severe changes in the law relating to charitable organizations. Similarly, there are enduring changes in the Service Tax laws too. Old FCRA has been replaced with FCRA, 2010. Also, the new Companies Act, 2013 has also affected the operation of NGOs in the country by compulsory CSR activities by the corporate. As the number of Chartered Accountants grows year after year, there is a great need to augment their role in the emerging new economic and social order in civil society. One of the areas so far untapped by the accounting professionals is hidden in NGO sector organizations. In addition to the professional opportunities for useful employment and practice of accountancy, it offers excellent methods to fulfill one’s social responsibility by contributing professional expertise to the society especially for the cause of the poor, the needy and the downtrodden. A Chartered Accountant with his expertise, experience, ethics and thus value would be great asset for Cooperatives & NPO Sectors and would rightly give them much needed guidance and direction in financial activities.
I hope this fifth edition of E-Newsletter would be equally beneficial to you. With this I again wish you a very Happy & Prosperous New Year.
(CA. Rajkumar S. Adukuia)
Committee for Cooperatives & NPO Sectors