Indian Income Tax Act For Non Profits (Section 12AB)
Non-profit organisations hold tax registrations u/s 12A and 80G for tax-exempt status and also for offering 50% tax deduction to their donors.
New rules have been issued for the re-validation of existing tax exemption registrations. Existing non-profits that may already hold tax exemption registrations now need to apply for reapproval/revalidation of their registration before June 30, 2021. The renewed registration will be valid for a period of five years. The application must be submitted electronically and verified digitally along with the specified documents.
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