12 A / 80G online renewal proposals of NGOs will have to be submitted to the Commissioner of Income
If the organization is registered under 12A rules, the entire income of the organization is not taxable. At the end of the term, by registering in full, you are eligible for the exemption. Also, if the organization is registered under the 80G provisions of the Income Tax Act, the company gets a rebate on the income tax payable to the company under the 80G Act on the part of its income that is donated. The government has made some significant changes in the Income Tax Finance Act 2020 in respect of charities or trusts, which are for a limited period and can be availed of concessions by full registration at the end of the term. Many trusts are being registered under Section 12A of the Income Tax Act. And those that are recognized under 80G. Significant changes for them have been announced by the government from 01 April 2020. These trusts and organizations will have to report donor information online to the Income Tax Department every three months. Trusts or organizations registered under 12A and 80G by 2020 will have to renew their 12A / 80G. All these organizations will have to submit online proposals to the Office of the Commissioner of Income-tax for renewal from June 1, 2020 to August 31, 2020. However, Yuvraj Yedure, State President, Maharashtra NGO Committee, has challenged NGOs to renew 12A / 80G.