With effect from 1-Jan-2025, the Association can carry forward the unspent part of allowable administrative expenses for one year only.
The Rule 5 of FCRR, 2011 defines the administrative expenses. On 31-Dec-2024, MHA has inserted a new proviso under Rule 5 as “Provided also that the association shall have the option to carry forward the unspent part of allowable administrative expenses in a financial year to the immediately succeeding financial year, for reasons to be mentioned in Form FC-4”.
Accordingly, with effect from 1-Jan-2025, the Association can carry forward the unspent part of allowable administrative expenses only for one year from the end of year in which it was received.
Further, a change in Form FC-4 has also been made in serial number 4, after clause (iii), which is as below:
(iv) Carry forward of unspent part of allowable administrative expense in a financial year.
Under above heading, a table has been inserted to show the calculation of allowable administrative expenses.
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