80G RENEWAL
This query is : Resolved
22 February 2011
MY CLIENTS ARE HAVING A REGISTERED TRUST. THEIR 80G CERTIFICATE IS GETTING EXPIRED ON 31/03/2011 (01/04/2008 TO 31/03/2011). ARE THEY SUPPOSED TO APPLY FOR RENEWAL OF 80G CERTIFICATE OR IT WILL BE VALID FOR EVER. KINDLY ADVISE.
KISHOR D ADHIA
kdadhia@yahoo.co.in
KISHOR D ADHIA
kdadhia@yahoo.co.in
22 February 2011
Yes you will have to apply for renewal of certificate.
For details see below link---
http://taxguru.in/income-tax/all-about-deduction-under-section-80g-of-the-income-tax-act-1961-for-donation.html
For details see below link---
http://taxguru.in/income-tax/all-about-deduction-under-section-80g-of-the-income-tax-act-1961-for-donation.html
22 February 2011
thanks
kishor d adhia
kishor d adhia
22 February 2011
Amendments has been made as per which need not to obtain approval for exemption u/s 80G every years, once obtained it is valid for life time untill rebutted
One-time approval for institutions and funds for the purpose of recognition
under section 80G
(i) Section 80G(5)(vi) provides that the institutions or funds to which the donations
are made have to be approved by the Commissioner of Income-tax in
accordance with the rules prescribed.
(ii) The proviso to this clause provides that any approval granted under this clause
shall have effect for such assessment year or years, not exceeding five
assessment years, as may be specified in the approval.
(iii) The approved institutions and funds face genuine hardship in renewing their
approvals from time to time on account of this restriction imposed on the
validity of such approvals.
(iv) Therefore, in order to mitigate the hardship and to reduce the burden on the
tax administration, the proviso has been omitted, implying that the approval
once granted shall continue to be valid in perpetuity.
(v) Since this amendment would be effective from 1st October, 2009, the existing
approvals expiring on or after 1st October, 2009 shall be deemed to have been
extended in perpetuity unless specifically withdrawn. However, approvals
expiring before 1st October, 2009 will have to be renewed and post-renewal,
these shall continue to be valid in perpetuity, unless specifically withdrawn.
(Effective from 1st October, 2009)
One-time approval for institutions and funds for the purpose of recognition
under section 80G
(i) Section 80G(5)(vi) provides that the institutions or funds to which the donations
are made have to be approved by the Commissioner of Income-tax in
accordance with the rules prescribed.
(ii) The proviso to this clause provides that any approval granted under this clause
shall have effect for such assessment year or years, not exceeding five
assessment years, as may be specified in the approval.
(iii) The approved institutions and funds face genuine hardship in renewing their
approvals from time to time on account of this restriction imposed on the
validity of such approvals.
(iv) Therefore, in order to mitigate the hardship and to reduce the burden on the
tax administration, the proviso has been omitted, implying that the approval
once granted shall continue to be valid in perpetuity.
(v) Since this amendment would be effective from 1st October, 2009, the existing
approvals expiring on or after 1st October, 2009 shall be deemed to have been
extended in perpetuity unless specifically withdrawn. However, approvals
expiring before 1st October, 2009 will have to be renewed and post-renewal,
these shall continue to be valid in perpetuity, unless specifically withdrawn.
(Effective from 1st October, 2009)
Message likes :
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22 February 2011
see forum and download the relevant amendment file
https://www.caclubindia.com/forum/80-g-exemption-120391.asp
https://www.caclubindia.com/forum/80-g-exemption-120391.asp
Message likes :
1 times
22 February 2011
I agree with Manmohan
22 February 2011
Thanks Manmohan for Correcting me.
No need to apply for renewal.
No need to apply for renewal.
Guest
Guest
(Expert)
22 February 2011
IT WILL BE VALID FOR EVER UNTIL CANCELLED.
Message likes :
1 times
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