12A and 80G Registration in Punjab
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Punjab's agricultural strength and agro-processing potential provide chances for food and beverage companies to capitalise on the region's copious harvests.
For NGOs in Punjab, Sections 12A and 80G registrations are of significant benefit. Under Section 12A of the Income Tax Act, 1961, NGOs are granted a one-time tax exemption on their surplus income, effectively relieving them from tax obligations and an 80G registration enables NGOs to issue tax-exemption certificates to donors, motivating them to contribute funds. Donors who contribute to NGOs with an 80G certificate can enjoy a 50% deduction from their taxable income. As a result, 12A and 80G registration in Punjab is beneficial for entities seeking such benefits.
The benefits of 12A and 80G registration in Punjab are as follows:
To be eligible for 12A and 80G Registrations in Punjab, NGOs must meet the following criteria:
NGO assets should be utilised exclusively for charitable purposes, ensuring that they contribute to the overall welfare and benefit of the society.
NGOs operating as Public Charitable Trust or under section 25 of the Companies Act, 1956 and exclusively working for public welfare are eligible for 12A registration.
NGOs are required to maintain accurate Books of Account, ensuring transparent recording of all expenditures and receipts related to their charitable activities.
The organisation should fulfil the necessary requirements for tax exemption as per the provisions of section 80G.
Donations made to the NGO should fall within the categories specified under section 80G, allowing the donors to claim tax exemptions on their contributions.
Documents Required for for 12A registration in Punjab are:
Documents Required for 80G Registration in Punjab:
The process for obtaining an 12A and 80G registrations in Punjab involves the following steps:
The institution seeking 12A and 80G registration must submit the application to the Commissioner of Income Tax (Exemption) in the jurisdiction where the organisation is located.
Along with the application form, the required documents for registration must be submitted, which usually include the organisations legal registration documents, its financial statements and other relevant supporting documents needed.
After the receipt of said application, an arrangement for on-site inspection of the premises of the applying institution is conducted by the IT department so as to verify the organisation's operations and ensuring compliance with relevant laws.
During the inspection, the Income Tax officials may request additional documents or evidence to further validate the institution's eligibility for registration. These additional documents must be promptly provided by the institution.
The submitted documents, along with the findings from the on-site inspection, undergo thorough verification and scrutiny by the Income Tax department. This ensures that all necessary criteria for 12A and 80G registration are met.
If the institution's documents and premises are found to be in compliance with the regulations, the Commissioner awards the 80 G certificate to the institution.
StartupFino is a company that specialises in offering complete services for 12A and 80G registration in Punjab. We can help you with everything from providing advice in the initial phase to ensuring that you meet all the necessary requirements and keeping your organisation in good legal standing in Punjab.
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