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An NGO can avail income tax exemption by getting itself registered and complying with certain other formalities. Without 80G or 12A certificates, the NGO can not provide any benefit to the person making a donation under the 80G Act. The Income Tax Act 1961 has certain provisions which offer tax benefits to “Donors”. All NGO’s should avail the advantages of these provisions to attract potential donors. One must register a company before registering for 12A and 80G licenses. Section 80G is one of such Section.If an NGO has 80G registration than the person or the organization making a donation to the NGO will get a deduction of 50% from his/her tax Income. If an NGO, trust has 80G and 12A registration, only then it is eligible for any Government funding. A newly registered NGO can also apply for 12A & 80G registration online.
The 12A and 80G registration, every NGO (Non-Governmental Organization), trust or society has heard of it and also registered it under that to avail various taxation benefits to both the societies as well as the people who give donations to these societies, NGOs (Non-Governmental Organizations), or trusts. Both of these registrations are among the most important registrations that are there for the societies. By obtaining both of these registrations the NGOs (Non-Governmental Organization), trusts, and societies are able to obtain the maximum amount of donation from the general population.
The population or the average man down the road, cab get the advantage if the donations made to the NGOs (Non-Governmental Organization), trusts or the societies. In this way, it is beneficial for the NGOs (Non-Governmental Organization), trusts or the societies to get their 12A and 80G Registration because even the people who are donating to the NGOs (Non-Governmental Organization), trusts or the societies, get tax exemption under the Income Tax Act. Hence, they would prefer to donate to those NGOs (Non-Governmental Organization), trusts or the societies which have got their 12A and 80G Registration.
The Income Tax Act constituted in the Indian constitution offers various taxation benefits to the consumers who donate to the NGOs (Non-Governmental Organization), trusts or the societies who have got their 12A and 80G Registration. The benefits are enormous, as we can see from the fact that, if an NGO (Non-Governmental Organization), trusts or the society gets itself registered under the 80G section registration, then the individual or the person or the organization donating to such NGO (Non- Governmental Organization), trusts or the society will get a deduction of 50 % (fifty percent) from his/her taxable income.
Moreover, one must also note that the NGOs (Non-Governmental Organization), trusts or the societies who have obtained the 12 and 80G registration under the constitution of India are available for the or qualify for the funding form the government institutions. There are hefty benefits for the NGOs (Non-Governmental Organization), trusts and the societies too, each one of the above listed institutions gets itself registered under the 12A and 80G registration, then the particular institution does not have to pay any taxes for the entire lifetime if it gets registered under the section 12A.
An NGO can apply for 80G and 12A registration just after the registration of NGO.
There is a ceiling limitation up to which the benefit is allowable to the donor. If the quantity of reduction to a charitable organization is more than 10% of the Gross Total amount income calculated under the 80G registration Act (as lowered by earnings on which income tax is not payable under any arrangement of this Act and by any quantity in respect of which the assessee is entitled to a reduction under any other arrangement of this Chapter), then the quantity in excess of 10% of Gross Total Earnings shall not get deduction under section 80G. While computing the overall income of an assessee and for arriving at the deductible quantity under section 80G, first the aggregate of the sums donated needs to be discovered. 50 per cent of such contributions has actually to be found out and it must be limited to 10% of the gross total income. The unelligible will have to be ignored if such a quantity is even more than 10 per cent of the gross overall earnings.
Time Period :- 3-4 Months
Time Period :- 3-4 Months
Time Period :- 3-4 Months
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