Income Tax - NGOs that have been approved by the Principal Commissioner or Commissioner of Income Tax under Section 80G must electronically file a statement of donations in Form 10BD on the income tax department’s e-filing portal. The statement of donations in Form 10BD must be filed on or before May 31 of the financial year immediately following [&...
Income Tax - Preface The word NGO (Non-Government Organization) in India refers to a body that remains detached from the Government and profit framework of usual businesses. These bodies work towards the broad advancement of the society and operate as small units which fill the gaps at places where the government cannot reach directly and efficiently....
Income Tax - They can be Non-Government organizations or Non-Profit Organizations. Both NPO and NGOs function to benefit society and the welfare of humans or improve the world. A Non-Profit Organization is formed to provide goods and services to the people and also operates on the principle that no member will share the profits or the losses. A [&hell...
Income Tax - As we all know, in India, lakhs of NGO’s are registered to do social welfare activities. An NGO can be registered in the form of Trust, Society and Section 8 Company with Ministry of Corporate Affairs. Each year thousands of new NGO’s are registered but due to unawareness of activities/ proceedings to be done after […]...
Income Tax - The GST has impacted the industry as well as the nonprofit entity. The GST is not totally exempt on these entities but there are few special exemption provided to these entities as discussed. The rest all activities are chargeable to GST if they are not covered in other exemption entry or are not considered as […]...
Income Tax - Mumbai BJP Professional Cell has written a letter to Shri Amit Shah Ji and requested to lookint0 Drastic changes made in FCRA and related rules relating to Charitable and Religious Trusts (Trusts/NGOs) are not proper and causing undue hardship to NGOs. Mumbai BJP Professional Cell Dated- 29th May, 2021 To, Shri Amit Shah Ji, Honorable [...
Income Tax - An NGO has urged Finance Minister Pranab Mukherjee to continue tax exemption for them in the proposed Direct Taxes Code in order to encourage non-profit organisations to undertake welfare activities. "Taxes will put a constraint resource generation of charitable bodies and reduce their ability to undertake welfare activities," Tax Payers ...
Income Tax - Union Finance Minister Shri Pranab Mukherjee held a meeting with different Non Governmental Organizations (NGOs) to get their inputs for General Budget 2011-12, here today. This was the fourth meeting in the series of pre-Budget consultations held by...
Income Tax - The government is set to frame new accounting norms for non-governmental organisations (NGOs), as it looks to remove the veil over the flow and utilisation of funds by the sector that is not entirely above suspicion. The ministry of corporate affairs...
Income Tax - The Ministry of Corporate Affairs has established the Investor Education and Protection Fund under Section 205C of the Companies Act, 1956 to undertake various activities for creating awareness amongst the investors. The Ministry invites credible vol...
DDIT(E)- II Vs. M/s. Rock Church Ministries (ITAT Hyderabad) - DDIT(E)-II Vs. M/s. Rock Church Ministries (ITAT Hyderabad ) The purpose of section 13(1)(c) is to deprive a religious or charitable trust from exemption if it is found that its income is used or applied, directly or indirectly, for the benefit of the specified persons. Section 13(1)(c) carves out a...