If an NGO succeeds in getting such an approval for its projects then it stands a very to identify projects and schemes to be notified under section 35AC, such committee Further, the NGOs should also send an Annual Report to the National. [Expenditure on eligible projects or schemes. 75a. 35AC. (ii) a report in respect of such eligible project or scheme has not been. Project Report 35 AC. Submit FCRA registration proposal with following documents- 1. Copy of registration certification; 2. Trust Deed /Certification of.
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A Non Government Organization is made for the welfare of the society.
They require some monetary partner to run their welfare identified lives up to expectations. These conglomerations mastermind their stores through donations made to them by the government or different people or corporate figures.
35AC Project in Sirka
So to lure the fund for these welfare conglomerations, the government has given some duty relief and profits to reeport making donations. The Income Tax Act has certain procurements which offer tax breaks to the donors. All NGOs may as well benefit the playing point of these procurements to draw in potential givers.
Section 35ac is one of such segments.
Anyway this segment furnishes benefit to just those assessees who have salary from the head business. Under segment 35 ac, organizations having livelihood from business can get hundred projec tax rebate.
Project Report 35 AC
Magnanimous organizations can get enlisted themselves under section 35 ac by applying to the National Committee in the event that they are carrying on any business. The endorsement under section 35 ac is peoject three years. After the expiry, the organization has to renew its 35ac.
The provision of this Act is to initiate and promote reinvestment of business profits in sectors where tremendous capital input is required for social economic development, a tax rebate has been provided under section 35AC, of the Income Tax Act allowing for full deduction of the entire amount paid by a taxpayer carrying on a business or profession for financing projects or schemes promoting social and economic welfare.
The mission of the said provision is to uplift business organizations and wealthy individuals to grant more in social and economic welfare of general teport. Hence, Non Government Organizations can raise millions of rupees for approved projects under section 35 AC of Income Tax Act leading to mutually beneficial relationship between corporate sector and civil society.
Income Tax for NGOs
The National Committee of Central Government of India proiect 35 ac for a period of 3 years normally. Extension may be provided as per the satisfactory implementation of project. The National committee may also approve new object oriented projects if it is finding useful for the society or if they are satisfied as per the requirements of the community.
Contact Details, crystalvisionweb gmail.
How to apply for 35ac approval?