https://www.taxtmi.com/circulars?id=68033 When a consolidated income tax refund is received in a non FCRA bank account, the proportionate share attributable to Foreign Contribution must be transferred back to the FCRA bank account; such transfer is permitted and not treated as contravening the Act. For accounting, TDS at deduction may be recorded as utilization of FC and, upon refund receipt in the FCRA account, recognized as other income and reported in the designated disclosure field of the FCRA return. en-us Tue, 31 Dec 2024 00:00:00 +0530 Fri, 03 Jan 2025 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=68033 When a consolidated income tax refund is received in a non FCRA bank account, the proportionate share attributable to Foreign Contribution must be transferred back to the FCRA bank account; such transfer is permitted and not treated as contravening the Act. For accounting, TDS at deduction may be recorded as utilization of FC and, upon refund receipt in the FCRA account, recognized as other income and reported in the designated disclosure field of the FCRA return. Circulars FEMA Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/circulars?id=68033