Non Profit organisation
This query is : Resolved
11 August 2010
Dear sir
I want to know that if a registered society open in mid of 2008. but that society do not audited by any ca from past two year is their any exemption of audit by CA or not
Regards
Pooja
I want to know that if a registered society open in mid of 2008. but that society do not audited by any ca from past two year is their any exemption of audit by CA or not
Regards
Pooja
12 August 2010
If it is registered under Societies Act, it has to follow the Rules of the Act of the respective States.
As far as IT is concerned, If the Gross Receipts are below Rs. 1,00,000/= from 1/4 to 31/3 of the years, they can file Return with necessary enclosures forthe year 31/3/2009 , upto 31/3/2011 and they can file for Exemption u/s 12AA can be applied for.
For Claiming Exemptions for the previous years:
1) Society should have applied all the incomes for the charitable purpose as per bye-laws of the Society.
2) If any surplus, it should have been deposited as per the Bye laws of the Trust and as specified by Income Tax act.
3) For getting 12 AA registration, they have to apply with necessary enclosures
The Society Bye laws/trust Deed etc shall be as per the instructions of the assessing officer who has to grant exemption.They may suggest amendments in the Deed to comply with Statutory Compliances.
You can consult a CA nearby since Registration u/s 12AA needs some expertise.
As far as IT is concerned, If the Gross Receipts are below Rs. 1,00,000/= from 1/4 to 31/3 of the years, they can file Return with necessary enclosures forthe year 31/3/2009 , upto 31/3/2011 and they can file for Exemption u/s 12AA can be applied for.
For Claiming Exemptions for the previous years:
1) Society should have applied all the incomes for the charitable purpose as per bye-laws of the Society.
2) If any surplus, it should have been deposited as per the Bye laws of the Trust and as specified by Income Tax act.
3) For getting 12 AA registration, they have to apply with necessary enclosures
The Society Bye laws/trust Deed etc shall be as per the instructions of the assessing officer who has to grant exemption.They may suggest amendments in the Deed to comply with Statutory Compliances.
You can consult a CA nearby since Registration u/s 12AA needs some expertise.
12 August 2010
Thanks Sir
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