Financial Guidelines

Central Share & Prant Contribution

With effect from 1st April 2020, there will be increase of Rs. 50/- for Central and Rs. 50/- for Prant being contribution towards expenditure from each member of affiliated members. With this increase, contribution to central office will be Rs.250/- per year per member of Affiliate member (Branch) & similarly to Prant office will also be Rs. 250/- per year per member. Financial year adopted by Bharat Vikas Parishad at all levels is from 1st April to 31st March. All are requested to deposit such contribution to Prant/Central Office before 30th June every year subject to any advisory issued by Central Office from time to time.  

For Prant’s Bank Accounts Operations

Prants are required to have their bank accounts in scheduled banks only. Accordingly, all such Prants who have still their accounts in other banks are requested to open new accounts in the scheduled banks and close the existing bank accounts and transfer the amount to the new Bank Accounts. No transaction should be carried out in old accounts. All Prants are part of Central Office (Parishad), therefore to open and operate such Prant bank accounts a resolution will be sent by Central Office on request received from respective Prant. 

For the Attention of Affiliated Associations (Branches)

No Branch is allowed to use Permanent Account No. (PAN) of Bharat Vikas Parishad, Central Office, Delhi, which is AAxxx6xxxH for bank or any other purpose. If any Association of Persons (A.O.P. branch) has already used it, they must report in writing to Central office (bvp@bvpindia.com) under a copy to caskbvp@gmail.com and stop making any fresh transactions till getting written direction from National Finance Secretary or BVP Central Office – Delhi.

Affiliation Fee

All National, Regional, Prantiya  & Branch (A.O.P) office bearers are request to see that all Affiliated Members (Branches-A.O.P) and Affiliated body (trust or societies) should pay Rs.150/- every year  being affiliation fee in  respect of each Branch (A.O.P)/trust/institution who wanted to be affiliated with Bharat Vikas Parishad, Delhi.   In case where such a payment has not been made so far, it is requested that the affiliation fee is sent to the Central Office at the earliest otherwise their affiliation will be cancelled.  Unless organizations are affiliated they cannot use name of Bharat Vikas Parishad. A corrective action will be taken in such matter.  

Rules for Refund of Delegation / Registration Fee for the event

While holding some of the events, where delegation / registration fee is applicable, the delegates will have to pay delegation / registration fee as fixed by the organizers. If any delegate(s) is / are unable to attend the event, the refund will be made as per the following rules: 

  1. Before 30 days of the commencement of the event  – 100%
  2. Before 15 days of the commencement of the event  – 75% 
  3. Before 7 days of the commencement of the event  – 50% 
  4. No refund will be made for less than 7 days of the commencement of the event. 

The fact for not attending the above event must be given in writing by post or e-mail so as to reach the convener of the event within time fixed above. This information is for all concerned. 

For Submission of Annual Accounts of Prant

Every year all Prants are required to submit Audited Approved Annual Accounts on and before 31st May in prescribed formats in respect of followings  to the Central Office, if possible by email otherwise hard copy with C.C. to BVP  National Auditor General on arundaga1967@gmail.com for his expert comments or observations on Audit matters.

  1. Audit Report
  2. Balance Sheet
  3. Income & Expenditure Accounts
  4. Receipt and Payment Account
  5. Information to Central Office

For the above financial formats, please visit Forms & Reporting Formats page. 

For Submission of Annual Accounts of Branches

Every year all Branches are required to submit Audited Approved Annual Accounts on and before 30th June in prescribed formats in respect of followings to the Prant general secretary office, if possible by email otherwise hard copy with C.C. to BVP Prant finance secretary in case of need office bearers can take help from National Auditor General on arundaga1967@gmail.com for his expert comments or observations on Audit matters.

1. Audit Report.
2. Balance Sheet
3. Income & Expenditure Accounts
4. Receipt and Payment Account
5. Acknowledgement copy of IT return filed for respective assessment year
6. Branch Information to Controlling Prant Office (BITCO)
For the above financial formats, please visit Forms & Reporting Formats page.

 

For Creation of Trust by Branches (A.O.P.)

  1. Download / Open / take copy of  template (model trust deed) on your computer from the linked page.
  2. Fill up branch name as well name of current office bearers with name of nominated trustees & other required details with office address of the trust but no correction in other clauses of the model deed
  3. The name should be “Bharat Vikas Parishad/BVP __________ Branch/Charitable Trust- As applicable.
  4. Get it approved in Branch general meeting and send it to Prant including demarcated area of working for their approval including copy of resolution passed for creation of trust, name of all trustees & office address as well as approved deed .
  5. After approval, Prant will send it to Regional National Secretary Finance for final checking, get corrected from respective Branch and send it to Central office for final approval.
  6. The Central office will send approved copy to respective branch with “Approved” rubber stamp on each page of it with CC to Prant, national secretary finance.
  7. Put stamp duty on it or use stamp paper as may be applicable to respective state laws.
  8. Now submit respective state registration office of such trust with required enclosures.
  9. After registration, apply to Central office for affiliation & open bank account in Nationalised Bank/schedule Bank.
  10. Submit application for Income tax permanent account No. (PAN) in Form no. 49 A.
  11. Apply for income tax exemption certificate u/s 12AAA and after receiving 12AA certificate apply for 80 G too and now both together can be applied.

Every year file income tax return before 31st July, if Audit is not applicable or by 30th September, if Audit is Applicable. File one copy of Audited Accounts every year with charity commissioner or other authorities as applicable to respective state of registration.

For all prescribed Trust documentation, visit  Forms & Reporting Formats.  

New Provisions as per Finance Act 2020

1. Re-validation of Registrations: All the existing charitable organizations registered under Income Tax Act will have to mandatorily apply to Income Tax for re-registration in prescribed Form within three month starting from 1st October to 31st December 2020 for revalidating their existing registrations so as to obtain registration u/s 12AB and such registration shall be valid for the period of five years and in case such application is not made, then, by this implication, the registration stands cancelled on expiry of these three month i.e. 31st December, 2020 resulting into ineligibility of such organization for claiming exemption in respect of his income u/s 11. Further it has been provided that a trust or institution which has been registered under new section 12AB it shall be required to apply for re-registration at least six months prior to the expiry of period of registration i.e. five years.

2. New Organizations: Newly established trusts and institutions applying to income tax for registration for the very first time will be given provisional registration for three years. Once granted, the provisional registration shall be valid for three years from the Assessment Year from which the registration is sought. Application for renewal or re-registration (instead of provisional registration) can be submitted at least six months prior to the expiry of validity period of the provisional registration and registration so granted shall be valid for five years.

3. National Register & UIN: Income Tax Department shall maintain a national register & give a unique identification number to all charitable & religious Institutions.

4. Either 12AA or 10(23): The charitable institutions at the time of revalidation or renewal will have to choose registration either under section 10(23) or 12AA you cannot register under both.

5. New Compliance u/s 80G: Every charitable organization registered u/s 80G shall submit a statement of donations received in the prescribed form & manner and also issue the certification to donor as per prescribed by the rule. If there is delay then late fee and penalty will be applicable. The benefit of 80G shall be available to donors on the basis of information relating to donation furnished by such charitable organization by separate returns. Deduction u/s 80G will not be available to individuals choosing new tax regime i.e. opting for reduced rate of tax.

Procedure for Creating Branch AOP

1. Download/Open the template / Take copy of template (model AOP deed) on your Computer for corrections.
2. Make correction in AOP branch model deed wherever applicable including name of the settler who should be branch president or branch general secretary & demarcated area of working as approved by respective Prant.
3. The name should be “Bharat Vikas Parishad __________ Branch as applicable.
4. Fill in the Name of office bearers and other blank space of branch Level.
5. Also download regulation for affiliated member from website, Get both (AOP deed & regulation) approved at Branch General meeting.
6. Put stamp duty on it or use stamp paper as may be applicable in the state.
7. Send it to prant with one application as per format on website for Central office along with copy of deed, list of members and supporting for payment of central & prant contribution as well as affiliation fee for affiliation with central office. If all formalities are completed then Central office will issue affiliation certificate
8. After affiliation open bank account in any schedule Bank.
9. Submit application for Income tax permanent account No. (PAN) in Form 49A.

Every year file income tax return before 31st July. Submit one copy of Audited Accounts to Prant every year visit Forms & Reporting Formats. 

Procedure for Creating New Branch AOP

  1. Appoint convenor for the demarcated area by prant organising secretary
  2. Collect application as well membership fee (as decided by prant ) and deposit in prant bank account
  3. Once required number are crossed, call meeting of members & nominate PST & executive committee members, so application can be submitted by prant to central office for Affiliation by applying same procedure as given above for existing branches.    
  4. After affiliation certificate received open bank account in any schedule Bank.
  5. Once bank account for the branch is opened, prant will refund money to branches after deducting yearly central & prant contribution, affiliation fee & any other expenditure recoverable.   
  6. Submit application for Income tax permanent account No. (PAN) in Form 49A.

Every year file income tax return before 31st July. Submit one copy of Audited Accounts to Prant every year visit Forms & Reporting Formats.

For any clarification pleases contact to your regional National Secretary Finance he/she will help you in any of the above matters. 

Guidelines for Financial Assistance

Central Office provides assistance for service projects being run by Branches, Prants and affiliated Trusts of Bharat Vikas Parishad. The funds are sanctioned /  disbursed on the basis of project report submitted as per guidelines prescribed in this regard.

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