Zakat Foundation™ India is a well-known non-profit organization that is committed to serving the needy and impoverished people in India. The organization was established in 1997 with the goal of providing relief to those in need, regardless of their religion, caste, or creed. Zakat Foundation™ India has been able to achieve its goals over the years through various programs such as education, healthcare, livelihood support, and disaster relief.
As a non-profit organization, Zakat Foundation™ India has to abide by certain legal and financial regulations. In this article, we will take a closer look at the legal and financial documents that Zakat Foundation™ India is required to maintain to ensure compliance with the law.
Legal Documents:
Registration Certificate: Zakat Foundation™ India is registered as a non-profit organization under the Indian Trusts Act, 1882. The registration certificate issued by the Registrar of Trusts is one of the most important legal documents that the organization holds. It certifies that Zakat Foundation™ India is a legally recognized charitable organization in India.
Memorandum of Association and Rules and Regulations: These documents outline the objectives and purposes of Zakat Foundation™ India. The Memorandum of Association is a legal document that defines the organization's mission, while the Rules and Regulations document outlines the rules that govern the organization's operations.
PAN Card: Zakat Foundation™ India is required to hold a Permanent Account Number (PAN) card issued by the Income Tax Department. The PAN card is a unique identification number that is used for tax purposes.
80G Certificate: Zakat Foundation™ India has also obtained an 80G certificate, which is issued by the Income Tax Department. This certificate allows donors to claim tax deductions on their donations to the organization.
FCRA Registration: Zakat Foundation™ India has also been registered under the Foreign Contribution (Regulation) Act, 2010. This registration allows the organization to receive foreign funding for its charitable activities.
Financial Documents:
Annual Report: Zakat Foundation™ India is required to prepare an annual report that details the organization's financial activities during the year. The report includes a balance sheet, income statement, and cash flow statement.
Audit Report: The organization is also required to get its accounts audited by a Chartered Accountant. The audit report is an independent assessment of the organization's financial statements, which ensures that the financial statements are accurate and comply with the law.
Income Tax Returns: Zakat Foundation™ India is required to file its income tax returns every year. The income tax returns are a declaration of the organization's income and expenses for the year.
FCRA Returns: The organization is also required to file annual returns under the Foreign Contribution (Regulation) Act, 2010. The returns provide details of the foreign funding received by the organization during the year.
Donor Receipts: Zakat Foundation™ India issues receipts to donors for their contributions. These receipts are important financial documents that provide proof of the donor's contribution and allow the donor to claim tax deductions.
In conclusion, Zakat Foundation™ India is committed to maintaining transparent and accountable operations in compliance with legal and financial regulations. The legal and financial documents mentioned in this article are critical to the organization's operations and serve as a testament to its commitment to transparency and accountability. By maintaining these documents, Zakat Foundation™ India is able to build trust with donors and stakeholders, which is essential for the success of its charitable activities.
