All the non-profit and State welfare organisations must utilize 85% of its income in any financial year (1st April to 31st March) on the objects of the organisation. In case the organisation is unable to spend 85% of its income in the previous financial year due to late receipt of income or any other reason, the trustees/ governing body may exercise the option to spend the surplus immediately within subsequent 12 months. Surplus income can also be accumulated for a specific project, for a specific maxium number of years, as prescribed. The funds of the organisation are deposited according to the forms and modes specified u/s 11(5) of the Income Tax Act. Many organisations resort to spinning/ parking money in the Banks and circumvent the intended purpose.
We see so many ESM Welfare Organisations in the Public domain, but sadly none of them spell out their welfare activities in monetary terms and indicate precisely who benefits from these organisations in real terms. The audited accounts are not displayed in the respective websites violating the basic principle of transparency.
Moderator
Sunday, February 3, 2008
Are ESM Welfare Organisations under any Scanner
Labels:
Army Welfare,
AWHO,
AWWA,
Ex- Servicemen,
Welfare Ex- Servicemen
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Neither the "Report my Signal -Blogs" nor the individual authors of any material on these Blogs accept responsibility for any loss or damage caused (including through negligence), which anyone may directly or indirectly suffer arising out of use of or reliance on information contained in or accessed through these Blogs.
This is not an official Blog site. This forum is run by team of ex- Corps of Signals, Indian Army, Veterans for social networking of Indian Defence Veterans. It is not affiliated to or officially recognized by the MoD or the AHQ, Director General of Signals or Government/ State.
The Report My Signal Forum will endeavor to edit/ delete any material which is considered offensive, undesirable and or impinging on national security. The Blog Team is very conscious of potentially questionable content. However, where a content is posted and between posting and removal from the blog in such cases, the act does not reflect either the condoning or endorsing of said material by the Team.
Blog Moderator: Lt Col James Kanagaraj (Retd)
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