Income Tax Consultant in India
What is Charitable Trust Charitable institution is a non-profit organization whose primary objective is to philanthropy and social well being such as education, religious or other activities serving public interest or common good Income Tax Consultant in India Which institutions are effected due to this amendment ❖ Already registered institutions u/s 12A/12AA/10(23C)/80G ❖ Educational/Medical institutions (10(23c)) ❖ Charitable/ religious institutions (12A/12AA)
What are the provisions regarding registration ● In order to simplify the compliance for the new and existing charity institutions, Income Tax Consultant In Delhi the process of registration is now completely
electronic under which a unique registration number (URN) shall be issued to all new and existing charity institutions. ● Also, now charitable trust can avail registration in either under section 10(23C) or under section 12A/12AA of Best Tax Consultants In Delhi Act, 1961. For an already registered institutes. They are required to make fresh application for registration within three months from 1st June, 2020 and registration will be approved by principal commissioner which will be valid for the period of 5 years and they can re-apply for registration at least before 6 month on expiry of such registration. For an new entities The applicant of fresh TDS Consultant In Delhi registration will get provisional registration for the period of 3 years and provisional registered institutions have to apply for final registration at least 6 months prior to expiry of provisional registration or within 6 months of commencement of its activities, whichever is earlier. What are the provisions regarding donations (section 80G) The institutions registered under this section are also required to make fresh application for Best Tax Consultants In India registration within three months from 1st June, 2020 and registration will be approved by principal commissioner which will valid for the period of 5 years and institutions can re-apply for registration at least before 6 months on expiry of such registration. What are other compliance requirement impose on the institutions The charitable institutions receiving donations are required to Issue certificate of donation to the donor (For the purpose claiming deduction u/s 80G) and also institutions are required to fill the information of donor to the Income Tax Return Consultant Department. As the number of rules has increased since the turn of the century, regulatory compliance management has become more prominent in a variety of organizations Best Tax Consultant . The development has led to the creation of corporate, chief and regulatory compliance officer and compliance manager positions. A primary job function of these roles is to hire employees whose sole focus is to ensure the organization conforms to stringent, complex legal mandates and applicable laws.
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