Section 12A articles

Taxation Aspects of Charitable Trusts

Charitable Trust is meant for public service and not for profit. Hence the Honorable Government has given exemptions in the form section 11 and 12. It will bring lot of tax benefits to the trusts and it can utilize the funds for its objectives. From the assessment year 2018-19 onwards, filing of return is to be done within the due date to...

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Posted Under: Income Tax |

Guidelines issued by CPC for claiming Exemption u/s 10 & 11

As per the provisions of Income Tax Act, the exemption of income under sections 10 and 11 is governed by certain statutory conditions and procedures. In order to assist you in complying with these conditions and procedures, your attention is drawn to the following with a request to keep them in mind while filing Income tax return in ITR-7...

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Posted Under: Income Tax |

Now Apply online for Section 12A Registration

As per Notification No. 10/2018-Income Tax issued by the CBDT as on 19.02.2018. Charitable or religious trust or institution can apply for registration under section 12A online. For registration of Charitable or religious trust or institution require to  file Form-10A. Document Require for Online registration:- 1. Certified copy of the i...

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Posted Under: Income Tax |

Amended Rules for making Application for registration of charitable or religious trusts, etc

I have authored blog on the Concept of NGO and Step by Step Procedure for Registration u/s 12A.The existing Form No. 10A has been substituted vide CBDT Notification No.10/2018 dated 19/02/2018. Rule 17A has been substituted by the Income-tax (First Amendment) Rules, 2018, w.e.f. 19-2-2018. The amended rules provide for application for re...

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Posted Under: Income Tax |

Benefits & Procedure for Registration u/s 80G of Income Tax Act,1961

Important Points related to Section 80G of Income Tax Act, 1961: It is important to note that when registration is granted under section 12A, it does not mean that section 80G approval has been given i.e. registration under section 12A will not provide automatic approval under section 80G. It has to be applied separately....

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Posted Under: Income Tax |

Step by Step Procedure for Registration u/s 12A of Income Tax Act 1961

Trust, Society and Section 8 Company can seek registration u/s 12A to claim exemption under Income Tax Act’ 1961, if certain conditions are satisfied. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust....

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Posted Under: Income Tax |

Exit tax where charitable institution converts into non-charitable

In order to ensure that the intended purpose of exemption availed by trust or institution is achieved, a specific provision in the Act is required for imposing a levy in the nature of an exit tax which is attracted when the organization is converted into a non-charitable organization or gets merged with a non-charitable organization or do...

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Posted Under: Income Tax |

Common errors in taxation of charitable and religious organization

Very often we get involve in rendering of professional services to charitable and religious organization commonly called as NGO, NPO etc. These services include Auditing, Accounting, Taxation, consultancy, foreign transaction related issues etc. In this regard as far as taxation services are concerned some common errors frequently happen ...

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Posted Under: Income Tax |

Check List for Registration U/s. 12A & 80G of Income Tax Act,1961

Both applications can be applied together or it can also be applied separately also. If some organization is willing to apply both applications separately, then application for registration u/s 12A will be applied first. Getting 12A registration is must for applying application for registration u/s 80G of Income Tax Act, 1961....

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Applicability to earlier years of registration granted to a trust or institution

The existing provisions of section 12A of the Act provide that a trust or an institution can claim exemption under sections 11 and 12 only after registration under section 12AA has been granted. In case of trusts or institutions which apply for registration after 1st June, 2007, the registration shall be effective only prospectively....

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Posted Under: Income Tax |

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