HOW TO OBTAIN INCOME-TAX EXEMPTION FROM IT DEPARTMENT FOR THE DONATION
MADE TO A CHARITABLE TRUST OR SECTION 8 COMPANY.
UNDER THE INCOME TAX ACT, SECTION 80G CAN BE
ACCESSED VIA CONTRIBUTION TO RELIEF FUNDS
AND CHARITABLE INSTITUTIONS.
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1
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1.
Claiming 100 percent deduction for donation
to a Charitable trust or Section 8 Company
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2
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2.
Donations with 50
percent deduction.
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3
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3.
Mode of payment.
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4
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4.
Taxpayers can claim deduction under Section 80G if Mtheir donation is made
through cheque, draft or cash.
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MODE OF DONATION AND THE QUANTUM OF DONATION TO BE MADE BY CASH.
A deduction can be claimed
under section 80G only when the contribution is made to specified funds and
institutions either via cheque or cash.
Effective from the assessment year 2018-19, a person can avail a maximum deduction of Rs 2,000 if the donation is made in cash. However, there is no maximum limit on the deduction amount if the payment is made via cheque or digital payment methods.
Effective from the assessment year 2018-19, a person can avail a maximum deduction of Rs 2,000 if the donation is made in cash. However, there is no maximum limit on the deduction amount if the payment is made via cheque or digital payment methods.
WHAT FORMS HAVE TO BE FILED ?
Form 10A & Form 10G for 12A registration and 80G under IT
act respectively.
ONLINE
REGISTRATION
Online registration mandatory. Please login to income tax portal
and online file the form. Time limit is 6 months, for department to Grant
registration. File form 10A & 10G simultaneously, so department will summon
you for clarification and documentation at a time.
PROCEDURES TO BE FOLLOWED FOR OBTAINING INCOME-TAX EXEMPTION
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1.
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Instrument of establishment of Organisation
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2.
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Trust Deed in case of Trust , MOA in case of Society and MOA
& AOA in case of Company
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3.
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Certificate of Regn / Certificate of Incorporation
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4.
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Trust Deed/ MOA in vernacular language
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5.
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Prev years Financial Statments ( for last 3 years )
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6.
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NOC / Proof of ownership of premises
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7.
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Bank Account Statement ( last 3 years , each account)
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8.
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PAN Card of Organisation and members/trustees of
Org/Co./Trust/Society
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9.
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Last 3 Year Income Tax Return filed & audit report in form
10B
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10.
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Duly discharged letter of Authorized Representative
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11.
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First Application of 12A, if no provide earlier application
details.
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12.
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Details of Assets by donation.
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13.
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Details of Charitable or Religious Activities actually carried
out
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Any other details as required by the Commissioner (Exemption) .
COURTESY
: MR. ANIKET TATER
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3 years financial and bank statements is mandatory? It is not available for newly incorporated trust
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