siddharth bhagat (Business) 28 June 2016
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 28 June 2016
In order to encourage savings, the government gives tax breaks on certain financial products under Section 80C of the Income Tax Act. Investments made under such schemes are referred to as 80C investments. Under this section, you can invest a maximum of Rs l lakh and if you are in the highest tax bracket of 30%, you save a tax of Rs 30,000. The various investment options under this section include:
1. Providend fund or Voluntory provident fund, 2. Public provident fund, 3, National savings certificate, 4. Equity linked savings scheme, 5. LIC premiums etc.
balas (Chartered) 06 July 2016
Hi Siddharth,
I guess you are referring to 80G registration of an NGO for donation exemption under I T Act.
At the time of registration of NGO for 12A exemption under I T Act, you can file form 10G for obtaining 80G approval simultaneously.
If on the other hand, the NGO has already obtained an 12A Exemption, then you need to file the following :
a. Activities carried out by the NGO and Annual Accoiunts since inception or last 3 years whichever is less.
b. Max Time frame for grant of approval is 6 months.
Hope this helps.
Tnx
Balaji Srini FCA., LL.B.
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