September 2021

12AB,80G REGISTRATION PROCESS New Registration System – Finance Act 2020 https://incometaxindia.gov.in/ Under the new registration mechanism brought by the Finance Act, 2020:- “All existing Charitable trust, Society, Section8 Company or institution under section 12A, section 12AA and section 80G are registered, they need to be registered under the new section 12AB, as Exemption can be claimed under section 10 or 11, as the case may be”. now 1 CBTT has notified the Income Tax (Sixth Amendment) Rules, 2021 with effect from April 2021 The new provisions have come into force on March 26, 2021, by issuance. done with the concept of completeness or continuity Earlier, the Principal CIT or CIT (‘Competent u/s 12A/12AA or 80G, unless canceled by the authority’) Registrations were permanent. New provisions introduced by the Finance Act, 2020 removed and the Act has provided that the existing organization, which is under the Income Tax Act Those who are registered under 12A / 12A A / 80G should also be covered under the section of Income Tax Act 2020 You have to apply for registration under 12AB. A. Registration under section 12 AB 1. Approved the validity of registration under section 12 AB: • The registration granted under section 12 AB will be valid for 5 years. • However, in case of provisional registration, it will be valid for 3 years. • Renewal of all registrations granted under section 12AB under the new scheme Will be done. 2. Schedule for the New Registration Process: 1 June to the new registration process prescribed under section 12 AB of the IT Act, was to be started from 2020 and to end by 31st August 2020, which was extended up to October, 2020, and which was extended up to December 31, 2020. was supposed to be abolished, but in view of the current pandemic situation, it was 1 was extended till March 2022, Now 12 A & 80 G registration can be done till 31 March 2022, So now all the existing trusts and institutions Re-register yourself under section 12AB of the IT Act before 31st March 2022. APPLICATIONS FOR REGISTRATION AND APPROVAL UNDER NEW SECTION 12AB OF IT ACT It is necessary to do. 3. Form Filling and Verification: Form numbers 10A and 10AB are given for this purpose. informs online to be filled in and to be completed electronically; (i) Under Digital Signature, if Digital Signature for Income Tax Return (ITR) It is necessary to do (ii) in the case not covered under clause (i) of the Electoral Verification Code Form 10A or 10AB, as the case may be, to be attested by the person who Authorized to verify Income Tax Return (ITR). Form10A Form 10A will be used for the following purposes: • Existing organizations registered / approved under section 12 A / 12 AA / 10 (23 C) / 80 G Application for re-registration/approval • APPLICATION FOR PROVISIONAL REGISTRATION / APPROVAL UNDER SECTION 12AB / 80G Form10AB Form 10 AB will be used for the following purposes: • Converting Provisional Registration to Public Registration • Renewal of registration/approval after five years • Activating Person’s Registration u/s 10 (46) • Re-registration for change of field registered under section 12 4. Expected Dates to Apply: Dates prescribed for Form 10A • Letters applying for Provisional Registration / Approval: Commencement of the previous year 1 month before, from where the above approval is sought. Dates prescribed for Form 10AB • Converting Provisional Registration to Regular Registration: 6 months before the end or 6 months before the start of the activities, whichever is earlier. • Renewal of registration/approval after five years: before 6 months of the expiry • Re-registration for rectification of change of field of work registered under section 12: within 30 days from such amendment. 5. Documents to be submitted: The application in Form No. 10A or 10AB has to be submitted along with the following documents: • Self-attested copy of the registration certificate • Self-attested copy of the trust sheet (in case of public trust) • Self-attested copy of FCRA registration certificate (if any) • Existing order granting registration under section 10 / 12A / 12AA / 12AB / 80G self-certified copy of • Order of denial of registration under 12A / 12AA / 12AB / 80G Self-attested copy (if any) for further details : https://ngotrust.in/ • NEO PAID ID & REGISTRATION DETAILS • Activity report since registration or for the last three years (Financial Year 2018-19) from 2020-21) • Since registration or for the last three years (Financial Year 2018-19 to 2020-21 up to) Self-attested copy of Annual Accounts along with Aegis Report • List of Governing Body / Trustee / Stakeholders / Directors with their names, addresses, PAN numbers, email and with contact number • Religious after registration or for the last three years (FY2018-19 to 2020-21) Amount of expenditure for the activity • Note on the activities of the applicant. 6. Place an Order for Registration: On receipt of the application, the Board shall authorize the Registrar or the Commissioner. Will pass an order in the form of: If the applicant is already registered or registered under section 12AA On successful registration the order placed for registration will be in writing in Form No. 10AC and a A sixteen digit alphanumeric User Registration Number (URN) will also be allotted. (b) in cases where Form No. 10AB has been filled by the applicant: • The order for grant of or cancellation of registration or denial will be in Form No. 10AD. (c) in a case where during the previous year before the beginning of the day before the 4th day of April, 2021, section 12 A Provisional registration in case the application is made under clause (vi) of sub-section (1) With effect from the assessment year commencing from the first day of April, 2022. 7. Can the approval granted under section 12AB be cancelled? • If, at any point of time, it is observed that Form No. 10 A has not been filled in correctly

A-One person company registration https://www.mca.gov.in/MinistryV2/onepersoncompany.html is, the same as Private Equity Funds, was created under the Companies Act 2013, thereby exempting individuals from having to comply with details like income tax, capital gains tax, and dividends which is also applicable to the corporate body and Employee Benefit Trust (EBT). The private limited companies are defined as a new business formation and under the new Companies Act, these kinds of companies can choose to be domiciled in the Union Territories and the Western Indian States. For details visit us on https://ngotrust.in/ Today, we look at the top five things to know about new One-person Company registration, https://www.mca.gov.in/MinistryV2/onepersoncompany.htmlincluding how companies can register themselves, the way to file the notice of the company, and how to understand the Companies Act, 2013, and the definition of a company or a parent. Also for those who find it difficult to work under the Companies Act, 2013, know that there are good options available to you for one-person company registration in Ranchi, Jharkhand such as registering all newly incorporated companies in the registration without the corporate club. We hope you enjoy reading the information and if you find the information hard to understand and/or locate a copy of the complete Companies Act, 2013, please please click here and follow the details. https://www.mca.gov.in/MinistryV2/onepersoncompany.html Under the new Companies Act, 2013, the definition of a Private Limited Company requires owners to hold 10% or at least three times the public holding of 80% and also that they have to have total net assets of not less than 10 crores. Corporate Club will register these companies and work with them on compliance and compliance provision. This may give you an alternative way to access the machinery of the Prevention of Bribery of Foreign Officials Act, 2016 and the Network of Security and Protection for Sensitive Information act, 2014. https://en.wikipedia.org/wiki/Public_limited_company Do you know a one-person company is a legal structure made up of one person? They will normally have at least one independent employee or a group of independent members of 50 persons or as many as 100 individuals. A company registered under the Companies Act, 2013 is granted similar rights as a Parent company. The Private limited company is run and regulated independently from the parent. While it can hire the services of independent managers, these managers will be expected to be independent of the parent and in line with the law and its compliance. They are governed by the various regulations under the Indian Companies Act. Advantages of One Person Companies Directors are expected to be independent of the parent company and for this reason, there are provisions under the Act that mandate that they are required to be independent of their spouse. The constitution of a board of persons is one of the rights given to a company under the Act and is expected to be responsible and approved by the shareholders. Moreover,https://www.indiafilings.com/one-person-company The members can exercise discretionary powers to assist the company in making decisions and take appropriate steps to promote and safeguard the interests of the shareholders as well as in the preservation of good governance and competitive positioning of the business. What are the services provided by NGO consultancy firms? Apart from these, the many differences between these companies are: Advantages of Private Limited Companies: * Fees: Fees for registering the new private company with the promoter are high as there are a number of administrative regulations and extra paperwork required which are not required with registered companies. * Provisions for Companies: There are provisions under the Companies Act, 2013 to take care of the removal of incompetent and incompetent company officers. * Provision for sole proprietorships: There are provisions for sole proprietorships with the following conditions: the owners must be their sole proprietors and only one partner or a member.About Us * Issue of new share: Seldom will the new shareholders be charged any other fees or issue new shares. * Declare of Contribution: If there is a refusal to pay the levy for the resolution, the applicant becomes the owner of the property or of a share or a share of a share with a certificate stating the contribution of the applicant. * Ownership (Investor) Turnover: The owners will become owners of the property and a share in a share with an instrument showing they have purchased it. * Reporting for related party transactions: The following is required for the purposes of a reported related party transaction with the investors: * Issuance of share: The investor may apply for the purchase or the sale of the said assets of the company and the expenses and the profit made in relation thereto. For inquiries, please contact, P.R.Pandey, +91-8603456708, on email at support@ngotrust.in or visit https://ngotrust.in/ Read more and subscribe to our RSS Feed https://www.msmegov.in/one-person-company/