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Unlock the Power of Giving - Gain Tax Exemptions with 80G & 12A Registration by FilingsFirst.
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The governing law for 80G & 12A registrations in India is the Income Tax Act, 1961.
The provisions for 80G & 12A registrations are covered under Section 80G and Section 12A of the Income Tax Act, respectively.
While there are no specific standards prescribed for 80G & 12A registrations, organizations seeking these registrations must adhere to few principles
The governing law for 80G & 12A registrations in India is the Income Tax Act, 1961.
The provisions for 80G & 12A registrations are covered under Section 80G and Section 12A of the Income Tax Act, respectively.
While there are no specific standards prescribed for 80G & 12A registrations, organizations seeking these registrations must adhere to few principles.
Donors contributing to organizations with 80G & 12A registration can claim deductions on their taxable income, encouraging more donations.
Registered organizations have access to a wider pool of potential donors, including individuals, corporations, and government agencies.
These registrations enhance the credibility and trustworthiness of the organization, as they signify compliance with tax regulations and transparency in financial transactions.
The availability of tax benefits promotes philanthropy and supports the growth and sustainability of charitable initiatives, ultimately making a positive impact on society.
An application has to be filed in Form 10A with the Commissioner of Income Tax – Exemption.
Important documents are to be submitted
Upon submission, the documents would be reviewed by the Commissioner. If required, he may ask for additional documents or information and the same have to be provided within the timeframe to avoid rejection
80G registration provides tax exemptions to donors, while 12A registration grants tax exemption to the charitable organization itself.
No, eligibility criteria and compliance requirements vary. It is advisable to consult with a tax expert or seek professional assistance to determine eligibility and navigate the registration process.
Yes, registrations can be revoked if the organization fails to comply with the prescribed regulations or misuses the tax benefits. Proper adherence to ongoing compliance is essential.
It is recommended to file the applications soon after the formation of the organization. Delay in registration may result in missed opportunities for potential donors seeking tax benefits.
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