What is 35 A for an NGO?

What is 35 A for an NGO?

To withdraw a project National Committee should provide an opportunity of being heard to the aggrieved organisation. Section 35AC provides deduction from income from business and profession. Similar deduction is also available u/s. 80GGA, for assessees having income from other heads.

How do I claim deduction under section 35AD?

NATURE AND AMOUNT OF DEDUCTION UNDER SECTION-35AD: 100% Deduction shall be allowed an account of any expenditure of capital nature incurred wholly and exclusively for the purpose of the above specified business carried on by such assessee during the previous year in which such expenditure in incurred by him. 1.

How can I get 80G exemption certificate?

Process of Obtaining 80G Registration

1. Registration Certificate.
2. MOA /Trust Deed.
3. NOC from the proprietor of the land where the registered office is situated.
4. Copy of the Pan Card of the Trust/Institution.
5. Copy of electricity bill, house tax receipt, or water bill.
6. Proof of welfare activities pursued.

Who is liable to maintain accounts as per section 44AA?

As per the provisions of section 44AA of Income Tax Act, every person carrying on the below profession must compulsorily maintain books of accounts: Legal. Medical. Engineering.

What is Section 80h?

(1) Where the gross total income of an assessee includes any profits and gains derived from an industrial undertaking, or the business of a hotel, to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a …

How much tax is exempt from 80G?

Section 80G of the Income Tax Act provides a 50% exemption from paying tax on donations made to funds or organizations qualifying under the act. This Section offers tax deductions on donations made to certain funds or charitable organisations with a qualifying limit not exceeding 10% of Adjusted Gross Total Income.

What is without qualifying limit in 80G?

Amendment to Section 80G: From financial year 2017-18 onwards, any donations made in cash exceeding Rs 2,000 will not be allowed as a deduction. The donations above Rs 2,000 should be made in any mode other than cash to qualify under Section 80G. Previously, the limit of donation in cash was Rs 10,000.

What is the limit for 44AA?

Persons carrying on a specified profession and his gross receipts exceed Rs. 1,50,000 in all the three immediately preceding years or in case of a new profession likely to exceed Rs. 1,50,000 in the year of set up are required to maintain specified books of account.

What is difference between 44AA and 44AB?

An assesses who opts for the benefits under section 44AD is not required to maintain books of account that are required to be maintained under section 44AA. The assessee who opts for the benefits under section 44AD is also not required to get his accounts audited as required under section 44AB.

What is 80h in income tax?

What are the exemptions for income tax?

Exemption Rules and Limits under the Income Tax Act

• House Rent Allowance.
• Leave Travel Allowance or Leave Travel Concession.
• Transport Allowance.
• Children Education Allowance.
• Hostel Subsidy.

Which donations are exempted from income tax?

100% Deductible without Qualifying Limit

• National Defence Fund set up by the Central Government.
• Prime Minister’s National Relief Fund.
• Prime Minister’s Armenia Earthquake Relief Fund.
• Africa (Public Contributions – India) Fund.
• National Children’s Fund.
• National Foundation for Communal Harmony.

How much donation is tax free?

Who is eligible for 80G deduction?

Under Section 80G, the amount donated is allowed to be claimed as a deduction at the time of filing the assessee’s income tax return. Deduction under Section 80G can be claimed by individuals, partnership firms, HUF, company and other types of taxpayers, irrespective of the type of income earned.

What is the maximum cash deduction for charitable donations?

Individuals may deduct qualified contributions of up to 100 percent of their adjusted gross income. A corporation may deduct qualified contributions of up to 25 percent of its taxable income. Contributions that exceed that amount can carry over to the next tax year.

Who is liable to maintain accounts u/s 44AA?

If the income from the profession is more than INR 1,20,000 or total turnover, sales or gross receipts exceed INR 10,00,000 in all 3 preceding years, such business is required to maintain books of accounts and other necessary documents.

Who is liable to maintain books of accounts u/s 44AA?

As per the provisions of section 44AA of Income Tax Act, every person carrying on the below profession must compulsorily maintain books of accounts:

• Legal.
• Medical.
• Engineering.
• Architectural.
• Accountancy.
• Interior decoration.
• Technical consultancy.
• Film Artist*

Who is liable under 44AA?

You must maintain the books of accounts if the gross receipts are more than Rs. 1,50,000 in the three preceding years for a person carrying on profession. The same is also applicable to a newly established profession whose gross receipts are expected to be greater than Rs. 1,50,000.