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35ac Approval: 35ac 1(ii) & 35ac 1(iii) for NGO

Ozg Registration, Approval & Licensing

35ac Approval: 35ac 1(ii) & 35ac 1(iii) for NGO

The Income Tax Act has certain provisions which offer tax benefits to the "donors". All NGOs should avail the advantage of these provisions to attract potential donors. Section 35AC is one of such sections. If an NGO succeeds in getting 35AC approval for its projects then it stands a very good chance of mobilising funds from the corporate and the business sector. Business houses making contribution to such approved projects are allowed the benefits of deducting such contribution as expenditure.

Any scientific research association / organization which has its objects, carrying out the scientific research or social science research or social science research can be approved under section 35 I(ii) and 35 I(iii) in accordance with the guidelines and other conditions as may be notified in the official gazette of the central government. The donor will receive 175% weighted deduction on the donated amount as per amendment by the Finance Act 2010.

Ozg Registration, Approval& Licensing Consultant offer complete consulting and services regarding 35-AC Approval to NGOs located in any part of India.

Consultation FEE: Please contact.

NATIONAL COMMITTEE
The Central Government has constituted a National Committee to identify projects and schemes to be notified under section 35AC, such committee normally consists of eminent persons. All NGOs are entitled to apply to the National Committee to get its projects or schemes approved.

WHERE THE APPLICATION IS TO BE MADE
The application for approval by the National Committee should be made to the Secretary, National Committee for Promotion of Social & Economic Welfare, Dept. of Revenue, Govt. of India, North Block, New Delhi – 110 001.

Application:-
The application for approval under section 35 1 (ii) / 35 1 (iii) of IT Act 1961 may be submitted to the CIT/ DIT- IT of the jurisdiction of the assessee association along with following information in prescribed form.
  1. List of assets / facilities owned used for scientific research / Social science research by the applicant.
  2. Details of past research projects undertaken by the applicant, such as research projects completed/ underway/ any publication of research projects.
  3. Past research activities such as whether any new product/process developed, approved, any product of import substitution.
  4. Patents filed and details of the filing.
  5. Earnings from such patents etc
  6. Proposed research project to be undertaken.
  7. List of the donors and amount received as donations
  8. Total cost of the project approved by the National Committee.
  9. Amount utilized in such research activities,
CERTIFICATE TO BE ISSUED TO THE DONOR

=> All approved NGOs are required to issue a certificate to the donor for all contributions & receipts under section 35AC.

=> This certificate will enable the donor to claim exemption from its taxable income. Further, the NGOs should also send an Annual Report to the National Committee indicating the progress of the work relating to the project/scheme and the following information in respect of each contributor:

i) name of the contributors & their addresses.
ii) PAN.
iii) amount of contributions.
iv) the project/scheme for which the contribution is made.
v) total amount of contribution received during the year.
vi) total cost of the project approved by the National Committee.

Such Annual Report should reach the National Committee by 30th June, following the financial year in which the amount is received.

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