05 January 2022
1. A society took registration under society act in May 2020 and collected, normal donations to the tune of 9 lakh and donation for fixed assets of 5 lakh i.e they where operating in F.Y 2020-21. 2. Society took Provisional registration under 12AB of income tax act in May 2021 with applicability from A.Y 2021-22 to A.Y 2023-24. 3. Society has not taken final registration till now. Queries Being 1. Can we use provisional registration to claim exemption under section 11 & 12 for F.Y 2020-21.? 2. If no to question 1, will donation for fixed asset become a revenue item or can it be set off against Fixed asset? 3. If no to question 1, will the society be taxed as a aop with slab rate or aop under mmr?
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