documents required for 12a and 80g registration India
Documents required for 12A and 80G Registration in India
Non-profit organizations play a crucial role in the betterment of society by addressing various social, cultural, and environmental issues. To encourage such organizations and provide them with financial support, the Indian government has introduced 12A and 80G registration provisions under the Income Tax Act, 1961. These registrations enable charitable and religious organizations to enjoy tax exemptions on their income, making them eligible for donations from individuals and corporate entities. However, to obtain these registrations, organizations need to fulfill certain criteria and submit specific documents as per the rules and regulations of the Income Tax Department of India.
Here, we discuss the essential documents required for the registration process of 12A and 80G in India:
1. Registration Application:
The first step towards obtaining 12A and 80G registration involves submitting an application to the Commissioner of Income Tax or the Authorized Deduction Officer. This application should include all relevant information about the organization, such as its name, address, objectives, and activities. Additionally, organizations must provide details of the members of their governing body, including their names, addresses, and contact information.
2. Trust Deed or Memorandum of Association (MoA):
For registration, organizations need to submit the trust deed or MoA, which outlines the aims and objectives of the organization. This document should clearly define the organization’s charitable or religious intentions and explain how it plans to achieve them. Trust deeds should be duly signed by all trustees, while MoAs should be signed by the members of the organization’s managing committee.
3. PAN Card:
Organizations seeking registration must possess a valid Permanent Account Number (PAN) card issued by the Income Tax Department. PAN is a unique alphanumeric code allocated to every taxpayer in India. It serves as an essential identification document for financial transactions and is mandatory for 12A and 80G registration.
4. Registration Certificate:
Organizations must also submit a copy of their registration certificate under the Societies Registration Act, 1860, or the Indian Trusts Act, 1882. This certificate serves as proof of the organization’s legal existence and its compliance with the relevant laws governing charitable and religious entities.
5. Balance Sheet and Income Statements:
To demonstrate their financial stability and transparency, organizations should provide copies of their audited balance sheets and income statements for the past three years. These financial statements should be prepared in accordance with the Generally Accepted Accounting Principles (GAAP) and should reflect the organization’s income, expenditure, assets, and liabilities.
6. List of Donors:
Organizations seeking 80G registration should maintain a list of donors who have made contributions in the form of cash or kind. This list should include the names, addresses, and PAN details of the donors, along with the amount and mode of donation. This document serves as evidence for individuals and entities seeking tax deductions on their donations made to the registered organization.
7. Books of Accounts and Auditors’ Report:
Organizations must maintain proper books of accounts detailing all financial transactions, including receipts, payments, income, and expenditures. These books should be audited annually by a qualified chartered accountant, who will provide an auditors’ report along with the financial statements. The auditors’ report attests to the accuracy and fairness of the organization’s financial records and transactions.
8. Trustee Declaration:
Each trustee of the organization should provide a declaration stating that they hold no substantial interest or benefit from the organization. This declaration ensures that the organization’s funds and assets are utilized solely for charitable or religious purposes and not for personal gains.
In conclusion, obtaining 12A and 80G registration is crucial for non-profit organizations in India to enjoy tax exemptions and attract potential donors. By submitting the required documents, organizations can showcase their transparency and credibility, thereby strengthening their credibility within the community. It is vital to ensure that all documentation is accurate, complete, and up-to-date to expedite the registration process.,
documents required for 12a and 80g registration India
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documents required for 12a and 80g registration India
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documents required for 12a and 80g registration India
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