What is an Registered Non-Profit Organisation under the Income-tax Act, 2025? A Registered Non-Profit Organization (RNPO) is a new, unified statutory classification introduced in the proposed Income Tax Act, 2025, which is scheduled to come into force from 1 April 2026. The Registered Non-Profit Organisation concept consolidates all earlier tax regimes applicable to charitable and …
Cancellation of Registration U/s 12AB – Statutory Grounds for Cancellation Consequences Registration under Section 12AB remains valid until its expiry or cancellation. Over the years, amendments (2004, 2014, 2019, 2020, 2022, 2023) have expanded the Commissioner’s powers to cancel registrations for various violations. From 01‑04‑2021, Section 12AB replaced Section 12AA. From 01‑04‑2022, new provisions govern …
FCRA Audit Guidelines for NGOs – Disclosure by CAs on violated any provisions of FCRA law The updated FCRA compliance guidelines will likely have significant implications for both NGOs and Chartered Accountants as the regulatory framework becomes more stringent. Changes to the Foreign Contribution (Regulation) Act, 2010 compliance guidelines for NGOs, as mandated by the Ministry …
Overview on Needed file online Form No. 10BD for Donations eligible u/s 80G Now according to income tax provision – all the NGO who have 80G certificate is required to submit – Statement of Donation received by NGO or fund in Form 10BD & Certificate of donation in Form No. 10BE – this is Applicable …
Get Tax incentives for NGO by Registering U/s 12A, 12AA,12AB Relief for the poor, education, medical relief, environmental preservation, preservation of monuments or locations or things of aesthetic or historic importance, and development of any other aim of wide public value are all examples of charitable objectives. In India, tax regulations for charitable institutions have …
Direct Tax : Delhi ITAT deletes Sec. 40(a)(i) disallowance of Rs. 120 cr. for airfreight payments made by assessee (a logistic and Cargo handling company) without TDS to non-resident parties during AY 2014-15; Observes that assessee did not claim the airfreight as expenses in the P & L account as the payments were made on …
CORPORATE AND PROFESSIONAL UPDATES 18TH MAY 2018 Direct Tax: Gujarat HC reverses ITAT order, holds that payment to education society for recouping deficit in payment of tuition fees of employees’ children does not amount to perquisite for AY 2000-01 and 2001-02. Notes that the children of the employees were studying in that Education Society and …
CORPORATE AND PROFESSIONAL UPDATES 15-jan-2018 MCA Update: Stakeholders of Coadunation of Delay Scheme (CODS) (notified vide General Circular No.16/2017 dated 29th December 2017) may kindly note that the process for ‘reactivation’ of the DINs in respect of disqualified Directors has been completed and the status of the relevant DINs can be checked now. Stakeholders are therefore requested …
SECTION 12AB AND SECTION 80G REGISTRATION BRIEF INTRODUCTION Charitable organizations are formed with the objective to serve the poorer section of the society and work towards the encouragement of education, medical relief, preservation of the environment, and preservation of monuments or places or objects of artistic or historic interest, and also towards the advancement of …
CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 23rd 2017 DIRECT TAX Delhi ITAT allows deduction u/s 10B to assessee [(operating an Export Oriented Unit (EOU)] for AY 2010-11 and AY 2011-12 in respect of duty drawback receipts forming part of EOU’s profits, ITAT holds that manner of computing profits u/s 10B(4) does not require direct nexus with business …