A organization registered as a NGO in 1993 n got a PAN number 2 years ago but had not filed any return.
CAn some1 tell me what he should do now.n how NGO will be assessed in Income tax.
Will NGO will be assessed as a trust or what.
Please reply me soon i will be so obliged to you if u reply me.
Thanks
Its Accordingly, how u have applied for PAN? as Trust or AOP. If it is in Trust, u should submit ur Financial statements of the Trust for the period of 2years to the respective Commissioner of Incometax for approval of 80G. After the trust is being heared & if the Commissioner of Incometax is satisfied about the nature & objective of the Trust. Trust will be Registered Trust With Exemption U/s-80G. OR Trust is Registered Trust but will not be enjoying 80G. under such case it is taxed under maximum Rate @ 30%.
T.S.Mohana Harish CA,
Madurai.
CAclubindia
