Section 12AB, 80G Changes - Implications and Way Forward
The Finance Bill, 2020 dated 1st February 2020, brought in certain amendments to the Sec. 12AB and 80G of the Income Tax Act. These provisions will soon be effective from 1st October 2020. They seem to greatly impact the legal standing of the implementing agencies and also the modalities of claiming tax deductions by the corporate donors.
What's in it for the audience
- Understanding of the proposed amendments and the process of registration / certification
- An overview of implications of the proposed changes on the NGOs, Corporate and individual donors
- Accounting support for execution of re-registration and re-certification
Goodera to educate the attendees on the proposed amendments, their implications in terms of registration / certification status and future donations. Also, to address any queries regarding the adoption of the amendments in the light of the proposed CSR Draft Rules in March 2020.
- 30 mins A K Dadheech & Co. to discuss the step by step process, the required documentation, associated timelines and any other relevant guidelines for re-registration and re-certification.
- 10 mins Q&A
- Post the discussion, attendees can register with Goodera for detailed one-on-one assistance to initiate their application process
All Your Questions Answered
Why attend the webinar on Section 12AB and 80G?
The Finance Bill, 2020 dated 1st February 2020, brought in certain amendments to the Sec. 12AB and 80G of the Income Tax Act. These provisions will be effective within just over 2 months from now, i.e. from 1st October 2020 onward. They seem to greatly impact the legal standing of the implementing agencies and also the modalities of claiming tax deductions by the corporate donors.
The key changes are as below.
- All existing registrations and approvals granted to exempt entities under Sections 10(23C), 12A,12AA and 80G will be inoperative from 1st October 2020.
- All exempt entities already approved and registered under above sections will have to submit fresh applications
- The new registrations will come with the limited validity of 5 years - the concept of perpetual registrations will be scrapped.
Who is the target audience for the webinar?
- All the NGOs who are registered under current 12A, 12AA and are certified for 80G and 10(23C) tax exemption
- Companies partnering with and donating to above mentioned NGOs under their CSR and/or philanthropic initiatives
- Other members of CSR ecosystem such as consulting firms and individual consultants
- Individuals/family businesses who make philanthropic contributions to above mentioned NGOs
What's in it for the audience?
- Goodera to educate the attendees on the proposed amendments, their implications in terms of registration / certification status and future donations. Also to address any queries regarding the adoption of the amendments in the light of the proposed CSR Draft Rules in March 2020.
- A K Dadheech & Co. to discuss the step by step process, the required documentation, associated timelines and any other relevant guidelines for re-registration and re-certification
- Post the discussion, attendees can register with Goodera for detailed one-on-one assistance to initiate their application process.
Who are the Partners conducting this webinar?
Goodera in partnership with a A K Dadheech & Co. is conducting this webinar to educate the audience about the adaptation and implications of the proposed amendments and provide end to end support for execution of re-registration and re-certification.
In which cities do the CA partner agencies provide services in?
Delhi, Mumbai, Jaipur, Pune, Kolkata, Bengaluru
CA Aditya Dadheech
Aditya has 6+ years experience in taxation and audit and is equipped to act as a trusted advisor for a broad range of clientele. He has worked with Ernst & Young Mumbai, KPMG Oman and NM Raiji & Co. Aditya is a commerce and law graduate and has also completed his Company Secretary course. He holds post qualification certifications such as Forensics Accounting and Fraud Prevention (‘FAFP’), Diploma in System Audits (‘DISA’) and Anti-Money Laundering ('AML'). Read more...
CA Pradnya Khapne
Pradnya brings 9+ years of experience across multiple facets of international taxation, business tax advisory, litigation and compliance. She has worked with Ernst & Young, BK Khare & Co, GMR Energy in the core tax team. She was also the Finance Head at Global Group and was in-charge of finalisation of accounts and audit. Pradnya holds FAFP certification. Read more...
Manager - Consulting, Goodera
Tejashree is a CSR consultant with 8+ years of hands-on experience.She has been a strategic advisor on CSR compliance, strategy formulation, program design and impact assessment to companies from varied sectors such as banking, pharmaceuticals, technology, manufacturing and FMCG. She holds a Master's degree in International Development from The London School of Economics.
Consultant - Goodera
Kajal is a CSR and Sustainability practitioner. She has worked with AVPN Singapore in the past and has a strong inclination towards the social impact sector. She holds a Master's in Management with a focus on Sustainability from Singapore Management University.
A K DADHEECH & CO. is a Chartered Accountancy firm rendering comprehensive professional services in Taxation, Audit, Start-up Advisory and Assurance. The firm represents a combination of specialized skills and is geared to offer exceptional business advice and personalized proactive services.The team consists of highly experienced Chartered Accountants and executive assistants who are dedicated to provide excellent & timely solutions and counselling to clients.
They advise NGOs in tax registrations procedures, tax filings & audits, litigation, accounting & financial advisory and also have expertise in personal and corporate taxation.
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