DEAR FRIENDS,
ONE TRUST GOT 80G EXEMPTION FOR THE PERIOD FROM 01.04.07 TO 31.03.10. WHETHER IT IS REQUIRED TO RENEW THE SAME FOR CLAIMING 80G EXEMPTION FROM 01.04.10. WHETHER ANY NEW CIRCULAR OR PROVISIONS INTRODUCED THAT MAKE THE 80 G EXEMPTOION PERMANENTLY VALID.PLEASE REPLY ME IMMEDIATELY FRIENDS..................................
it has to be renewed each and every cycle.
Amendments has been made as per which need not to obtain approval for exemption u/s 80G every years, once obtained it is valid for life time untill rebutted
One-time approval for institutions and funds for the purpose of recognition
under section 80G
(i) Section 80G(5)(vi) provides that the institutions or funds to which the donations
are made have to be approved by the Commissioner of Income-tax in
accordance with the rules prescribed.
(ii) The proviso to this clause provides that any approval granted under this clause
shall have effect for such assessment year or years, not exceeding five
assessment years, as may be specified in the approval.
(iii) The approved institutions and funds face genuine hardship in renewing their
approvals from time to time on account of this restriction imposed on the
validity of such approvals.
(iv) Therefore, in order to mitigate the hardship and to reduce the burden on the
tax administration, the proviso has been omitted, implying that the approval
once granted shall continue to be valid in perpetuity.
(v) Since this amendment would be effective from 1st October, 2009, the existing
approvals expiring on or after 1st October, 2009 shall be deemed to have been
extended in perpetuity unless specifically withdrawn. However, approvals
expiring before 1st October, 2009 will have to be renewed and post-renewal,
these shall continue to be valid in perpetuity, unless specifically withdrawn.
(Effective from 1st October, 2009)
THANK YOU FRIENDS.........
MANMOHAN .....
CAN YOU PLEASE GIVE ME THE CIRCULR NO OR NOTIFICATION OR SECTION THAT MAKE THE 80G EXEMPTION PERMANENTLY
This amendments by Finance Act 2009.
see point no . 33 of finance act uploaded by me
or just see amendments by ICAI point 8(e) on page no. 32 and 33 in this file
| Originally posted by : Manmohan | ||
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Amendments has been made as per which need not to obtain approval for exemption u/s 80G every years, once obtained it is valid for life time untill rebutted One-time approval for institutions and funds for the purpose of recognition under section 80G (i) Section 80G(5)(vi) provides that the institutions or funds to which the donations are made have to be approved by the Commissioner of Income-tax in accordance with the rules prescribed. (ii) The proviso to this clause provides that any approval granted under this clause shall have effect for such assessment year or years, not exceeding five assessment years, as may be specified in the approval. (iii) The approved institutions and funds face genuine hardship in renewing their approvals from time to time on account of this restriction imposed on the validity of such approvals. (iv) Therefore, in order to mitigate the hardship and to reduce the burden on the tax administration, the proviso has been omitted, implying that the approval once granted shall continue to be valid in perpetuity. (v) Since this amendment would be effective from 1st October, 2009, the existing approvals expiring on or after 1st October, 2009 shall be deemed to have been extended in perpetuity unless specifically withdrawn. However, approvals expiring before 1st October, 2009 will have to be renewed and post-renewal, these shall continue to be valid in perpetuity, unless specifically withdrawn. (Effective from 1st October, 2009) |
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