Income Tax Related

How to get exemption under IT Act

Even after getting the registration, the NGOs need to fulfil the following to get exemption from Income Tax:

       * The organisation should use most of its funds for the

          welfare of the people and also for the charitable

          purposes.

        * The organisation needs to get its accounts audited and

           a  Form 10-B should be filled in by a C.A. if the total

           income is  more than 50000/- (Fifty thousand rupees)

           in an year.

        * The organisation needs to file its I.T. returns using

           Form 3-A (see forms section) before 31st of August.

        * In case the organisation's income is more than

          Rs.50000/- and is registered under co-operative Society

          they need to file its returns before 31st October.

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