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Registration under 35AC of the Income Tax Act

 

Registration of NGOs under the provisions of 35AC of the Income Tax Act is less known but a highly useful instrument of fund raising for some social cause. The objective of the said provision is to encourage business organisations and wealthy individuals to contribute more in social and economic welfare and uplift of general public. With the increased emphasis on the corporate social responsibility and ostentatious display of charity by people like Bill Gates and Warren Buffet, the contribution in monetary term by the corporate sector in India towards socially relevant project cannot be undermined. NGOs involved in eligible projects, notified by the Central Government for promoting the social and economic welfare, can raise resources for eligible project from corporate sector or wealthy individuals and fulfil their objective of development.

Thus, Section 35AC can be used as an effective tool of fund raising by NGOs. Millions of rupees could be raised from this facility. It can also lead to a mutually beneficial relationship between NGOs and the corporate sector. By donating any amount for any approved project under the provisions of 35AC, a donor will receive 100% rebate of income tax on the donated amount. An application can be made for this purpose to the Secretary of the National Committee for Promotion of Social and Economic Welfare, Department of Revenue, Government of India, North Block, New Delhi-110001 in a prescribed format.

Normally, a approved amount could be raised and utilised within a given period. In selective cases extension of period could be permitted for completion of the project. Generally, such notified ‘Eligible Project or Scheme get the node of the National Committee as mentioned below:

i) Construction and maintenance of drinking water projects in rural areas and in urban slums including installation of pump sets, digging of wells, tubewells and laying of pipes for supply of drinking water;
ii) Construction of dwelling units for the economically weaker sections;
iii) Construction of school buildings primarily for children belonging to the economically weaker sections of the society;
iv) Establishment and running of non-conventional and renewable source of energy systems;
v) Construction and maintenance of bridges, public highways and other roads;
vi) Any other programme for uplift of the rural poor or the urban slum dwellers.

Committee may consider fit for support:

i) Promotion of sports;
ii) Pollution control;
iii) Establishment and running of educational institutions in rural areas, exclusively for women and children up to 12 years of age;
iv) Establishment and running of hospitals and medical facilities in rural areas exclusively for women and children up to 12 years of age.

Care should be taken that a proper project is developed for helping people without discriminating on the basis of caste, creed or gender.

 


Al-Qura'n Kareem

Hadith Mohammed SAW


 

 

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