5 Points to re-check before claiming Tax Exemptions u/s 11, 12 and Sec 10(23C) by NGOs and Trusts
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- เผยแพร่เมื่อ 6 ก.ย. 2024
- 5 Points to re-check before claiming Tax Exemptions u/s 11, 12 and Sec 10(23C) by NGOs, Trusts, Societies, Section 8 Company NGO and other Charitable Institutions.
For Further Queries and in Person discussions, please write to-
Suresh Wadhwa, LL.B., FCA
Office Tele: +91- 9717 00 2510 | 87006-04006 | Email: office@sharkauditors.com
Office No: C-307, Noida One Building, Plot No. B-8
Paramhansa Yogananda Marg, Sector 62, Noida, 201309, UP
Breaking News dated 18.09.2023
a. The Due date of filing furnishing of Tax Audit Reports on Form-10B and 10BB in case of Trusts and Charitable Institutions has been extended to October-31-2023.
b. Similarly, the due date of filing of ITR-7 (Income Tax Returns in case of Trusts and Charitable Institutions) has been extended to November-30-2023.
Source: CBDT Circular No. 16/2023 dated September-18-2023
Best Regards
Suresh Wadhwa, LL.B., FCA
Mai bhi ek society Banana chahta hu lekin apki sari video ko dekhne ke baad taki koi bhi galti na ho❤ thanks 👍
Ngo ke liye youtube par sabse valuable information aap dete hai sir🙏
Wadhwa sir I never ever seen that type of knowledge
Thanks a lot
Thanks for sharing very valuable information 🙏
Thanks for your analytical discussion on NGO 's latest tax exemption aspects which are very very discouraging to open an NGO. I am going to open an NGO but I must think about it repeatedly before doing it.
very Nice knowledge sir Thank you sir💐💐👍👍💐💐🌹🌹
Masha Allah bohut acha vedio hai sir nice explain
You are a great explainer. Thank you Sir
Thank you somuch sir for posting the valuable and useful video.Every video posted by you is very important for running the NGO without any problems. Thank you once again 🙏🙏
बहुत ही अच्छी तरह से सभी पॉइंट्स को समझाया है।धन्यवाद
Hard topics made easy , sir....Hats off...
Excellent stuff Suresh Wadhwa ji. Keep it up
Nice information Suresh ji .everything explained clearly . Thank you
At the time of filing of relevant income tax return, the points will arise, so if you kindly show slides of online filing side by side, it may help more..
Sir I'm doing PhD nd my topic is tax on educational institutions. After watching ur video I'm able to find my objective, in which core area i want to work and research.
Thank you so much sir.
Please sir if u make one more video on taxation of educational institutions (Direct tax) it will more helpful for us.
Dear Manisha,
I am soooo happy to hear that. Please feel free to contact in case we may sit across and discuss your Subject/ Queries. Please drop us an email at OFFICE@SHARKAUDITORS.COM at relevant times.
Good night sir ,very nice thought
VERY INFORMATIVE THANKS
Very informative and valuable
Very nicely explained the complications arising in consequences to the changes in the law / Rules made bybGOI recently in past 3 years. Thanks for such a video.
Excellent and thank you sir
Mind blowing work sirji
सर आपकी मालुमात बहोत हि फायदा देणे वाली है हमारी ट्रस्ट है
Very helpful
Very well explained sir 🙏
Good Information sir
Thank you very much
Thanku so much sir for this video....this is very informative 🙏
Very well explained. Thank you Sir. Can you give information about restatement of trust deed where "objectives cannot be ammended " mentioned in deed.
Dear @SheelaKannadaJournal Ma`am, I am sooooo happy to meet and connect with an another TH-camr, like you. It is indeed an honour.
Coming to your specific question, I really need to go through that Trust Deed which you are referring to; to advise you further.
In my view, any Trust Deed can be amended with times by the way of a Supplementary Trust Deed again entered and registered with same Office of Sub-Registrar where Original Trust Deed was registered.
My Email Address is: OFFICE@SHARKAUDITORS.COM in case you would share your trust deed for my inputs.
thank you sir
Thank you very much
जानकारी के लिए धन्यबाद
प्रांजल एजूकशन वेलफेयर सोसाईटी बदायूँ उत्तर प्रदेश
बहुत-बहुत शुभकामनायें!
Excellent information.thanks
Very good information sir💐💐💐💐💐💐
Keep watching
Thank you sir all doubts cleared because our ngo not registered yet
Very nice information sir
Vadhva ji great yr video I like ❤❤
अनेक-अनेक शुभकामनाएँ।
सादर
SHARK AUDITORS
Chartered Accountants
Tele: 91 9717 00 2510 | 87006 04006
Superb
Very good information, thank you sir
Thanks '' Mr.Suresh ji '' 🙏
Best knowledge sir
Very nice information 🎉
Video achhi lagi sir
Good information sir ji
Super Sr
Good to know many points
Sir thanks for enlightening me
Sir you are great
very good information
Thank you very much Sir
Nice video
What is the Judgement of Hon'ble Apex court?
Hi, I am based out of Gujarat and looking to form new NGO for supporting kids with talent by funding their studies, fee for skill programs or sports coaching. can you help us on this including formation and entire process and your fee estimate.
crowudfunding konsa catatagery
Good information...❤❤❤
NGO, one year 3 months old, khud ke amount se social work chalra,
12 A, 80 G Registration provisional one year complete huva,
Kya 12 A, 80 G final registration kaise karen,? Consultancy vale bolre, 3 year itr hona, ?
Please speak to us today at 9717 00 2510
If donation received for increase in capital and invested in fixed deposit and future contigency
other than fixed asset and added to capital , then such donation my be called. Corpus donation.....your valued opinion please
Yes, this will be Corpus Donations.
Please make sure to Invest the amount received strictly as per Bucket of Investments prescribed in Section 11(5) of the Income Tax Act, 1961.
Sir,
Educational trust not started his activities,
Not register in 10(23c) and 12a
Having no receipt
Still file ITR?
The Answer is Yes!
Without your filing ITR, how the Govt would get to know that your NGO has done Rs. ZERO Activities OR Rs. Crores of activities?
Best Regards
SHARK AUDITORS
+91 9717 00 2510 | 87006-04006
Thank you a ton 🙏
Sir donetion book ka format send kare pls
Thankyou sir dil se ❤
Im interested in opening up a dog foundation for astray dogs in Punjab, India. Do you offer services to apply for eection 8 process?
Yes! Yes! 🙌
Pl send us a WhatsApp message or call us at 9717 00 2510
How are 12AB registration process?
Pl watch our Other Videos on this Channel. There are specific Videos on Section-12AB as well
धन्यवाद सर
टैक्स भरने के लिए रजिस्ट्रेशन कहा से करवा सकते है।
और इसके लिए क्या क्या किया जाता है l
आपका सवाल बिलकुल भी समझ नहीं आया।
कृपया अपनी बात को विस्तार से दोबारा रखें या 9717 00 2510 पर फ़ोन करें।
Is RTE fees amount received from Government by unaided School (solely for education) exempt from Invome Tax
Yes, may be EXEMPT; BUT subject to filing of Income Tax Return (ITR).
Hello sir can provisionally registered trust claim sec 11 ki exemption and can it take unsecured loans
Pls help
BOTH Answers are Yes!
How much object we can write?
Please confirm whether any approval/ registration is required for institute's covered under section 10(23C)iii ab
Section-10(23C)(iiiab) means a Univeristy/ Educational Institution solely for Education and substantially financed by the Govt.
Yes, approval is very much required for claiming the income of such University/ Other Educational Institution EXEMPT from Tax.
@@TaxBulls yes sir, my question is regarding such type of institute
Yes, Approval u/s 10(23) is MANDATORY!
@@TaxBulls what is the remedy if approval has not been taken by mistake
We need to speak Tomorrow to discuss various aspects which of course can not be discussed here.
Regards, Suresh Wadhwa | 98102 90022
Sir in itr 5 if trust temple not having 12ab registration then how we mention general donation either p&l or income from house property becouse when we have 12Ab them it deemed income from hp
Thanks sir 🙏
mene society registration liya hai? computer institute ke liye? mera work std se, thora fees leke course sikhata hu?
mujhe tax dena parega kya?
Shri Ladli Ji.. Trust
Sir can a trust take loan from non trustees (outsiders) for purchasing an asset of the trust ? and can it be an issue if loan from outsiders or even loan from trustees appear in BS while getting 12AB registration ?
Taking Loans to achieve the Main Objects of the trust is one of approved way.
There are many Clauses in the Income Tax Act and Tax Audit Reports which requires the Trust to clearly distinguish and maintain separate records for Loans and it’s repayments to be considered as Application of Income in the year of Repayment.
Thank you very much Sir......May God bless you ever for the wonderful work you are doing...... Sharing and spreading knowledge on the most ambiguous topic in income tax....
कार्पेस/ नान कार्पेस का रिसीट का नमुना प्लीज भेजिए
अपना ईमेल पता भेजे।
Sir i went for a interview for ramkrishna mission vidyalaya....there sir asked me "if we get any donation from foreign then what will be tax implication for ramkrishna mission to the goi?And if they received in cash" ......please sir tell me such related provisions
Sir aap konsi city se belong karte ho? Kaha raheta ho..Main Hyderabad se hoon Nisar Ahmed
नमस्कार 🙏 हमारा ऑफिस दिल्ली में है।
Your r great person sir...full of knowledge... I will be grateful to u if u could guide me...happy to have such wonderful person..at what time can i contact u sir??
Call us today at 9717 00 2510. CA Neha Seth will be happy to assist you.
We must be at-least 20 NGOs Clients from Hyderabad.
List of all Exempt Institutions Registered under Section 12AB or 10(23C) or Section 80G
The Income Tax Department has released the database of all 4,26,920 Provisional OR Final Registrations granted u/s 12AB or 10(23C) or Section 80G on its website.
incometaxindia.gov.in/Pages/list-of-exempt-institution-form-10-ac.aspx
The database is last updated upto November-22-2022. You can search/check the name of your/ any NGO in the database.
Best Regards
Suresh Wadhwa, LL.B., FCA
Jh gof
Sir, what if a running NGO failed to get registration under 12A for a particular year. Can he file return as AOP as expenses are more than income?? Plz guide?
Yes your view is Correct! 👍
Namaste sir
My Karnataka se hu
Amari trust new hai
Amara pas money nahihai
Ham jantaku acha rakna chatahu
Lekin amari trust me funds khayse melegi please help me sir
sir mai ek handicapped person hu , or pehle kai salo se social work krta aa raha hun . handicapped persons ki help ke liye section 8 company open ki hai . aage kese work karna hai . mujhe koi knowledge nahi hai . bus mujhe help karni hai . aap ki videos dekh kar bhut help mill rahi hai . agar aap se bat krni ho to keese ho sakti hai . i am Uday jain
9717 00 2510
Hi sir
Im running a religius trust and i have certificate of 80g and 12a. Further i have received more than 6l as voluntary contribution. Please clarify the following questiins
1. Audit is applicable
2. Due date for filling the returns.
3. Form 10b or 10bb do i need toncomplete by chartered accountant.
Please help me as july 31st is approaching
1. Yes, audit is mandatory.
2. 31/10/2023
3. Form-10BB
great
धार्मिक ट्रस्ट का रजिस्ट्रेशन कोनसा विभाग करता है इनकम टैक्स डिपार्टमेंट/रजिस्टार विभाग सही विभाग बताने का अनुरोध हैं
👌💯%👏👏👏🌹🙏
Sir, I want to contri Bute one core fr a charitable trust fr uplifting 😅education, cleanliness in my village. Pls help regarding tax exemption. 😅
Sir mene section 8 me n g o banayi he kya aap mujhe aage guide kar sakte he mujhe aage kya kya document banwane he aur
Lets please speak tomorrow at 0120.410.6738
Sir maine ITR filing nhi karwaya hai mera NGO 2021 ka hai
If there was hardly any major activity, then you can forget and move on. The same can be filed once the tax department issues some notice to your NGO for the AY 2021-2022.
Contrary to the above, If there were major activities and projects undertaken, that ITR can still be filed under the provisions of UPDATED RETURN. You have to take this call.
Hello sir.. Is an NGO legally allowed to do Radio advertisements and TV advertisements?
I do not see any bar or any kind of illegality in these advertisements. For fund raising purposes, it is okay to do Radio or TV advertisements.
@@TaxBulls Thanks you so much for the reply. I though I will not get a reply.
A quick followup question. Can we classify this Radio or TV ad expense as an expense of NGO or it has to be self borne.
Yes, it is called ‘Expense incurred on Funds raising activities’ on the debit side of Income & Expenditure Account.
An NGO in its wisdom may spend say INR 20/- on these activities out of INR 100/- collected from General/ Unrestricted Donations. It is absolutely okay.
Respected sir , kindly confirm me ..
Sec 11 mai toh 85% application hona chahiye excemption k liye but 10(23c) mai education institute k lie toh koi 85% application nhi mentioned h .so sir mera ques ye h ki Nil tax in 10(23c) k lie 85% application compusory h ?
As on this date, almost all terms and conditions for claiming exemption to be adhered by the First Regime NGOs [claiming Section 10(23C) exemption] OR Second Regime NGOs [Claiming Section 11-12 Exemption] are same and identical.
Answer to your Question is Yes, Section 10(23C) NGOs are also required to apply at least 85% of the income in order to claim exemption.
Please see Explanations 3, 4 & 5 inserted to the 3rd Proviso to Section-10(23C) by the Finance Act, 2022 w.e.f. 01.04.2023.
But sir it only speific for subclause iv , v , vi ..
1..means no limit for iiiad ?...
2. Limit only for institute have certificate for excemption ?
Sir 10(23c)(iiiad) ki exemption in case of itr-u le sakte hai??
Dear Raghav Raghuvanshi,
My reading is Yes, exemption u/s 10(23c)(iiiad) can still be claimed while filing updated return. Reason: Section 10(23c)(iiiad) is still out of the purview of 20th proviso to clause (23C) of section 10.
____________________________________________
Denial of exemption where return of income is not furnished within time-
As per the provisions of 20th proviso to clause (23C) of section 10 of the Act, if the return of income is not furnished by a trust or institution under first regime within the time u/s 139 of the Act, exemption under sub-clause (iv)/(v)/(vi)/(via) of clause (23C) of section 10 of the Act shall not be available to such trust or institution.
Thanks alot sir, one more query, whether we can proceed with tax audit now??
@@raghavraghuvanshi7868 Yes!
@@TaxBullswhich form to fill sir then?
Nice nice nice 👍
क्या कोई सरकारी कर्मचारी भी ngo registration कर सकता है
The Govt Employees are advised to check their terms of Employment with the Govt.
2. Generally, there is no bar on accepting an Honorary Position in an NGO; but for safety’s sake or avoid any hassles later, they are advised to check/ intimate/ notify their Office before joining the NGO for any position.
Sir if educational institutions have annual receipts up to Rs. 5 crore then is it mandatory to have registration under Section 10(23C)?
Or is it possible to claim exemption on annual receipts up to 5 crore under Section 10(23C)(iiiad) without having registration under Section 10(23C)?
Looking for your kind support🙏🙏
No Specific or Separate Registration is required u/s 10(23C)(iiiad) upto Gross Receipts of INR 5 Crores.
Jai ho
Sir ma NGO banana chahti hu
Nuhu & NCR me
Pl call Tomorrow at 9717-00-2510 (Office)
Education k liye ngo leni h
सर् हम 20-25 लोग है एक लीगल ग्रुप बनाकर एक फिक्स्ड मंथली पैसा जमा करना चाहते है फिर किसी सदस्य को पैसे की जरूरत हो तो उसे एक निश्चित समय के लिए देंगे बिना ब्याज में
हमे क्या बेस्ट रहेगा
NGO का काम होता है समाज की सेवा करना न कि अपने ही कुछ एक विशेष सदस्यों के साथ धन का लेन-देन करना।
जो सब आप करना चाह रहे हैं ये सभी कार्य एक Nidhi Company या Mutual Benefit Company में ज़्यादा बेहतर तरीक़े से किये जा सकते हैं। इस बार Nidhi Company या Mutual Benefit Company के बारे में जानकारी इकट्ठी करें।
@@TaxBulls thanks sir
Nidhi company k liye 200 minimum members ki jarurat hoti h
Hm jyda se jyda 50 hi honge sir
We advise you to kindly watch and listen to our Next Video in this Series which will be extremely beneficial for you.
th-cam.com/video/69ZoZ0_6hjk/w-d-xo.html
Donar hote kaun hai
Please sir
Free ka Ngo kase khole Jo Bina Resitration Ke Ho
यह बिलकुल सम्भव है। आपने अपने सवाल में ही स्वयं ही इसका उतर दिया है- “बिना रजिस्ट्रेशन के हो।”
समाज में आपको ऐसे बहुत सारे व्यक्तियों के समूह मिल जाएँगे जो बिना किसी रजिस्ट्रेशन के एक जुट होकर एक नाम के नीचे वर्षों से समाज सेवा कर रहे हैं।
@@TaxBulls mughe khud ka Kholna Hai 🏃🏠🏠🏃Ngo open start-up 💞💞💞👰👰🥰🥰❤❤🍜🥗🍝🎂🎶🎵💸💸🍫🍫🥳🥳