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1. Income tax department makes it mandatory to link your PAN with Aadhaar by 30th June 2021. If not linked, the PAN will become invalid. This will attract a higher TDS rate and may impact your financial transaction. Link your PAN with Aadhaar.

2. Apart from the above, by virtue of Section 139AA(2) of the Act linking of Aadhar with PAN within the prescribed timelines is mandatory. In case of non-linking the existing PAN issued shall be considered as inoperative and TDS shall be deducted at the higher rate as applicable in case of a person who does not have PAN i.e. @ 20%.

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3. The Finance Minister on 1 February 2021 has introduced a new Section 206AB vide Finance Act 2021. This Section is applicable for FY 2021-22 w.e.f. 1 July 2021. This amendment has been introduced to ensure filing of return of income by those persons who are required to file the return of income but are willfully not filing return of income.

What is the date of Effective Voluntary Cancellation of Registration under the IT ACT? 

4. Sebi came out with fresh guidelines on reporting formats for mutual funds. The formats for the reports to be submitted by asset management companies (AMCs) to trustees, by AMCs to Sebi and by trustees to the regulator have been revised on the basis of consultation from the industry.

5. Mandatory Registrations for NGOs after 01.04.2021 – Form CSR-1, Section 80G and Section 12AB of Income Tax Act. As per the notification issued by the Ministry of Corporate Affairs dated 22nd January 2021, it is mandatory for all NGO’s which wants to raise CSR Funding to enrol with MCA w.e.f 01/04/2021 to get CSR funding. And Filing of Form CSR-1 has been started on the MCA portal and a huge number of NGOs has already enrolled with MCA.

How to obtain Income-Tax Exemption from IT Department for the donation made to a charitable trust or section 8 Company

  • 28 May 2019
  • Income Tax
  • Comments Off on How to obtain Income-Tax Exemption from IT Department for the donation made to a charitable trust or section 8 Company
  1. Guarantee for 100 percent off on donation to a Charitable trust or Section 8 Company
  1. Donations with 50 percent deduct.
  1. Method of making payment.
  1. Taxpayers can guarantee deduction under Section 80G if donation is made through check, draft or money.

 

DONATION Mode AND THE QUANTUM OF DONATION TO BE MADE BY CASH.

A conclusion can be guaranteed under section 80G just when the contribution is made to respective assets and foundations either by means of check or money.

Viable from the evaluation year 2018-19, an individual can benefit a most extreme deduction of Rs 2,000 if the donation is made in real money. In any case, there is no most extreme point of confinement on the conclusion sum if the instalment is made by means of check or digital payment techniques.

 

WHAT FORMS HAVE TO BE FILED?

Form 10A and Form 10G for 12A registration and 80G under IT act respectively.

ONLINE REGISTRATION

Online enlistment compulsory. If you don’t mind login to income tax gateway and online file the form. Time limit is a half year, for office to Grant enlistment. File form 10A and 10G at the same time, so office will call you for illumination and documentation at once.

 

Strategies TO BE FOLLOWED FOR OBTAINING INCOME-TAX EXEMPTION

  1. Instrument of foundation of Organization
  1. Trust Deed if there should be an occurrence of Trust , MOA if there should arise an occurrence of Society and MOA and AOA in the case of Company
  1. Certificate of Regn/Certificate of Incorporation
  1. Trust Deed/MOA in vernacular language
  1. Previous years Financial Statements ( for most recent 3 years )
  1. NOC/Proof of responsibility for premises
  1. Bank account Statement ( most recent 3 years , each record)
  1. PAN Card of Organization and individuals/trustees of Org/Co./Trust/Society
  1. Most recent 3 Year Income Tax Return documented and review report in structure 10B
  1. Properly released letter of Authorized Representative
  1. First Application of 12A, if not given prior application details.
  1. Subtleties of Assets by donation.
  1. Details of Charitable or Religious Activities actually completed

For detailed info or further queries contact Certicom Bangalore.