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80G and 12A registrations are important legal certifications for non-profit organisations in India. These certifications provide various benefits such as tax exemption for the donors, access to government funding, and credibility among donors and supporters. In this article, we will discuss the process of 80G and 12A registration in India and the services offered by third-party companies for the same.
80G and 12A registrationsare certifications provided by the Income Tax Department of India to non-profit organisations. The 80G certification allows donors to claim a tax deduction on their donations to the organisation. On the other hand, the 12A certification provides exemption to the organisation from paying income tax on its income. Both certifications are important for non-profit organisations as they help in fundraising and credibility.
The process of 80G and 12A registration in India involves the following steps:
step 1: Incorporation of the organisation The organisation needs to be registered under the appropriate legal framework such as the Societies Registration Act, 1860, or the Companies Act, 2013.
Step 2: Applying for PAN and TAN The organisation needs to apply for Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) from the Income Tax Department.
Step 3: Drafting of MOA and By-Laws The organisation needs to draft the Memorandum of Association (MOA) and By-Laws in accordance with the requirements of the legal framework under which it is registered.
Step 4: Filing of Form 10A The organisation needs to file Form 10A with the Income Tax Department to apply for 12A certification. This form should be filed within one year from the date of incorporation.
Step 5: Filing of Form 80G Once the organisation has received the 12A certification, it can apply for 80G certification by filing Form 10G with the Income Tax Department.
Step 6: Follow-up with the Income Tax Department The organisation needs to follow up with the Income Tax Department for the processing of its application for 80G and 12A certifications.
SV Associatesoffer consultation and advisory services to non-profit organisations regarding the 80G and 12A registration process. We help in the drafting of MOA and By-Laws, and provide guidance on the legal requirements and compliances. Alongside, we provide the following services:
Preparation and Filing of FormsOur team prepares and files the required forms with the Income Tax Department for 80G and 12A registration. We ensure that the forms are prepared in accordance with the legal requirements and are filed within the specified time limit.
Follow-up with the Income Tax Department We follow up with the Income Tax Department for the processing of the application for 80G and 12A certifications. They ensure that the application is processed in a timely manner and any issues or queries raised by the Income Tax Department are addressed promptly.
Compliance ManagementSV Associates provide compliance management services to non-profit organisations after obtaining the 80G and 12A certifications. We ensure that the organisation complies with all the legal requirements and compliances related to these certifications.
Other ServicesOur experts also offer other services such as accounting and bookkeeping, financial management, fundraising, and donor management to non-profit organisations. These services help organisations in managing their finances, generating more funds, and keeping track of their donors.
here are various benefits of choosing a trustable company like ours for 80G and 12A registration in India. Some of these benefits are:
Expertise and ExperienceThe team at SV Associates have expertise and experience in the registration process for 80G and 12A certifications. They have a deep understanding of the legal requirements and compliances, and can guide non-profit organisations in the right direction.
Time and Cost SavingsBy outsourcing the registration process to us, non-profit organisations can save time and cost. The registration process can be time-consuming and complex, and requires a lot of effort and resources. Our team of experts can handle the process efficiently and effectively, thus saving time and cost.
Compliance ManagementAt SV Associates, we not only handle the registration process but also provide compliance management services to non-profit organisations. This ensures that the organisation remains compliant with all the legal requirements and compliances related to 80G and 12A certifications.
Fundraising and Financial Management also provide fundraising and financial management services to non-profit organisations. This helps in generating more funds and managing the finances of the organisation effectively.
80G and 12A registrationsare important certifications for non-profit organisations in India. They provide various benefits such as tax exemption for donors, access to government funding, and credibility among donors and supporters. The registration process for these certifications can be complex and time-consuming, and requires a deep understanding of the legal requirements and compliances. SV Associates provide various services such as consultation and advisory services, preparation and filing of forms, follow-up with the Income Tax Department, compliance management, and other services to non-profit organisations for 80G and 12A registration. Engaging us for 80G and 12A registration can provide various benefits such as expertise and experience, time and cost savings, compliance management, and fundraising and financial management services.
80G and 12A registrations are important certifications for non-profit organisations in India. These certifications provide various benefits to non-profit organisations, such as tax exemption for donors, access to government funding, and credibility among donors and supporters. Let us look at the importance of 80G and 12A registrations in detail:
Tax Exemption for Donors:are important certifications for non-profit organisations in India. They provide various benefits such as tax exemption for donors, access to government funding, and credibility among donors and supporters. The registration process for these certifications can be complex and time-consuming, and requires a deep understanding of the legal requirements and compliances. SV Associates provide various services such as consultation and advisory services, preparation and filing of forms, follow-up with the Income Tax Department, compliance management, and other services to non-profit organisations for 80G and 12A registration. Engaging us for 80G and 12A registration can provide various benefits such as expertise and experience, time and cost savings, compliance management, and fundraising and financial management services.
Tax Exemption for Donors:Donors who donate to a non-profit organisation with an 80G certification can claim tax exemption on their donations under section 80G of the Income Tax Act. This helps in encouraging more donations to non-profit organisations and also helps in building trust among donors.
Access to Government Funding:Non-profit organisations with 80G and 12A certifications are eligible to receive government funding. The government provides various grants and subsidies to non-profit organisations to support their social welfare activities. Having these certifications increases the chances of receiving government funding and helps in expanding the reach and impact of the organisation's social welfare activities.
Credibility Among Donors and Supporters: 80G and 12A certifications are proof that a non-profit organisation is registered with the Income Tax Department and is compliant with all the legal requirements and compliances. This helps in building credibility and trust among donors and supporters, and increases the chances of receiving more donations and support for the organisation's social welfare activities.
Legitimacy:80G and 12A certifications provide legitimacy to non-profit organisations. These certifications indicate that the organisation is a genuine and legitimate entity, and not a fraudulent or fake organisation. This helps in building trust among donors and supporters, and also helps in attracting volunteers and employees to the organisation.
Reduced Tax Liability:Non-profit organisations with 12A certifications are exempted from paying income tax on their earnings. This helps in reducing the tax liability of the organisation and helps in utilising the funds for social welfare activities.
80G and 12A registrations are important certifications for non-profit organisations in India. These certifications provide various benefits such as tax exemption for donors, access to government funding, credibility among donors and supporters, legitimacy, and reduced tax liability. Non-profit organisations must obtain these certifications to enhance their credibility, increase their chances of receiving donations and support, and expand the reach and impact of their social welfare activities.
There are several common mistakes that non-profit organisations can make during the 80G and 12A registration process in India, which can result in delays or even rejection of the application. Here are some of the most common mistakes to avoid:
Incomplete or inaccurate documents: One of the most common mistakes made during the registration process is submitting incomplete or inaccurate documents. This can include missing signatures, incorrect information, or incomplete supporting documents. It is important to ensure that all documents are complete, accurate, and in the required format before submitting them.
Not providing adequate information about the organisation's activities: Another common mistake is not providing adequate information about the organisation's activities. Non-profit organisations should provide detailed information about their activities and how they are benefiting the society. This information is crucial to demonstrate that the organisation is working towards a charitable purpose and is eligible for 80G and 12A registration.
Not adhering to the necessary compliance and legal requirements:Non-profit organisations must comply with certain legal and compliance requirements to be eligible for 80G and 12A registration. Some common compliance requirements include maintaining proper books of accounts, filing annual returns with the Income Tax Department, and adhering to the provisions of the Foreign Contribution Regulation Act (FCRA). Failure to comply with these requirements can result in rejection of the application.
Not seeking professional guidance: Many non-profit organisations attempt to complete the registration process on their own, without seeking professional guidance. This can result in mistakes and omissions that can delay or even reject the application. Seeking professional guidance from a third-party service provider can help non-profit organisations navigate the complex registration process and ensure that all the necessary requirements are met.
By avoiding these common mistakes and seeking professional guidance, non-profit organisations can increase their chances of successfully obtaining 80G and 12A registration in India.
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