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An NGO gets the benefits of exemption under income tax act, for availing such exemption it needs to get registered under 80G and 12A of Income Tax Act.
Any donor i.e. Individual, company, firm or any other person making donation to NGO registered under 80G, get deduction about 50% from their taxable income and some qualify at the rate of 100%.
Registration under section 12A is one time and has lifetime Validity. NGO registered under 12A claims exemption of Income Tax, all Income are not taxable.
A newly registered NGO can also apply for such registration.Applications for registration under 80G and 12A can be applied together or it can also be applied separately also.
Both Sections 12A and 80G have their own significance and offer several benefits to NGO’s with such Registrations. The advantages are as follows:
Only NGO’s who possess Registration under Section 12A and 80G are worthy of availing government funding.
With 80G Registration, NGO’s can allure donors to donate funds to the organization.
Using this Registration, the donors can lessen the donation amount to the NGO from their total taxable income.
Registration under Section 12A helps the organizations to seek grants from government & organizations abroad.
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Even after registration and meeting all requirements under the Income Tax Act, here are a few situations which may still disentitle a donor from claiming the tax deduction.
To summarise, registering under the 12A section allows the NGO exemption from tax rates. Failing to do will make them applicable for ITR filling. The 80G section, on the other hand, ensures that a person donating to the NGO can deduct the amount from their taxable income, which leads to more donations.