LAWS APPLICABLE FOR GOVERNANCE OF NGO IN INDIA
Trust- the Indian Trusts Act, 1882 lays laws that regulate trusts in India. Maharashtra has adopted the Bombay Public Trust Act, 1950, which acts as a model for the various other states.
Societies- A Society is registered under the Societies Registration Act, 1860.
Section 8 Companies- A Company is established under the Companies Act, 2013. Section 8 companies are those which are formed for the purpose of charity.
VARIOUS LEGAL COMPLIANCES OF THE NGO
The following are important compliances that an NGO is required to do to prove it is genuine in accordance with the NGO Laws:
- Permanent Account Number (PAN) - This is a unique alphanumeric combination issued that is identifiable under the Income Tax Act, 1961. It is used as the national identification number.
- Tax Deduction Number (TAN) – This is a ten-digit alphanumeric number of Tax deduction and Collection accounts. It is required to be obtained by all the persons who are responsible for deducting or collecting tax at the source.
- Registration under section 12A of the Income Tax Act – The registration of NGOs under Section 12A is necessary for getting the benefit of tax exemption. Tax exemption is only granted upon fulfillment of all the rules and regulations laid down in this section. This validity under the Income Tax Act has to be renewed every five years.
- FCRA Registration- The NGOs get many opportunities to receive foreign funds after the completion of the NGO registration process. The FCRA registration is mandatory to file the return. The return has to be filed in Form FC-4, even if there are no foreign contributions received.
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