Purposed of apply 12a and 80 g
This query is : Resolved
19 April 2015
Sir,
I have member of NGO socity. How to apply 12a and 80 g in income tax plz suggestand proceed.
I have member of NGO socity. How to apply 12a and 80 g in income tax plz suggestand proceed.
19 April 2015
Before applying any tax exemption related certifications you must have a PAN Card (Permanent Account Number with Income Tax department - Apply for PAN) . Without PAN you cannot apply for 12a.
Applying for 12a certification
To ensure the acceptance of the organization by Income Tax department we need to apply for 12a certification. After getting the 12a certification the organization gets the perfect legal entity. After received the 12a certification, organization shall,apply for 80G
Apply for 80G certification
By showing their record of achievements in social welfare activities and by proving their service to the public. By getting this 80 G certification, organization are privileged to provide tax exemption to the Donors who donates their organization. That is when an organization receives donation from public, individual or from a group it shall issue 80G tax exemption to the donor, where donors are entitled to donate from their 10% of Gross total annual income. In that 10% of their donation, donors shall receive 10% tax exemption for their donation. So this type of certification, gives the power to the organization to encourage their donation to donate more.
Chartered Accountants help you in obtaining the above.
Applying for 12a certification
To ensure the acceptance of the organization by Income Tax department we need to apply for 12a certification. After getting the 12a certification the organization gets the perfect legal entity. After received the 12a certification, organization shall,apply for 80G
Apply for 80G certification
By showing their record of achievements in social welfare activities and by proving their service to the public. By getting this 80 G certification, organization are privileged to provide tax exemption to the Donors who donates their organization. That is when an organization receives donation from public, individual or from a group it shall issue 80G tax exemption to the donor, where donors are entitled to donate from their 10% of Gross total annual income. In that 10% of their donation, donors shall receive 10% tax exemption for their donation. So this type of certification, gives the power to the organization to encourage their donation to donate more.
Chartered Accountants help you in obtaining the above.
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