Number Of Clients
It is pertinent to note that existing procedure for registration under Section 12AA of IT Act has been omitted w.e.f. April 01, 2021 and a new Section 12AB (Procedure for fresh registration) has come into effect from 1st April, 2021. As per the said section, the Trusts or Institutions are required to apply for registration and approval under new Section 12AB within 3 months from 1 April 2021, i.e., by 30 June 2021. Similarly, Charitable Trusts and Exempt Institutions which are availing exemption benefit under Section 80G of IT Act are also required to apply for fresh registration under Section 12AB by 30 June 2021.
A brief summary of fresh registration / re-registration / renewal of registration is as under:
- For entities already registered u/s 10(23C), 12A and 80G are required to submit an application for re-registration in Form 10A within 3 months from 1 April 2021 (i.e. application to be submitted latest by 30 June 2021).
- The same form shall be applicable for fresh registrations u/s 10(23C), 12A and 80G.
- Such forms are to be filed electronically with digital signature.
- On receipt of an application in form No. 10A the principal commissioner or commissioner, authorised by CBDT shall pass an order in writing granting registration in form No. 10AC and issue a 16 digit alphanumeric Unique Registration Number (‘URN’). to the entity.
- If it is noted that Form 10 A has not been duly filed by not providing, fully or partially, or by providing false or incorrect information or documents required to be provided, principal commissioner or commissioner.
- After giving an opportunity of being heard, may cancel the registration in form 10AC.
Further, Finance Act 2020 mandated charitable entities receiving donations to file donor wise statement to income tax authorities and shall be required to issue a certificate to the donor. Failure to file such a statement or issue certificate shall attract a fee of INR 200 per day and penalty ranging from INR 10000 to INR 100000. Donors shall be eligible to claim reduction under section 80G only if the said statement is filed.
In this respect, CBDT has also introduced following relevant rules:
- The entities required to furnish particulars of donors in form 10BD in respect of each financial year beginning with FY 2021-22.
- Such form is to be filed electronically with digital signature on or before 31 May 2022 for FY 2021-22.
- The charitable entity is required to issue a certificate to donor in form 10BE, specifying the amount of donation received during FY from such donor.
Jatin Nasa is an experienced professional, having gained mettle in various technical areas while working with BIG 4 Professional firms – EY, PwC & Deloitte, for more than 5 years. He founded shiva advisors after leaving PwC and set up a Chartered accountancy firm, Agarwal Nasa & Associates.
Witcorp, finally, is a limited liability partnership which is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.
Jatin has immense knowledge and significant experience in the area of human capital covering global mobility and employment taxation, tax issues relating to exchange control, interpretation of double tax avoidance agreements, tax litigation and India social security.
At Witcorp, he is extensively involved in structuring of international assignments in a tax efficient manner, compensation structuring review, resolving cross border tax issues around individual taxation including advisory on Indian Social security. He keeps a constant vigil on financial markets, its breath, core and depth catering to investment advisory for the clients as per their risk appetite and investment horizon.
Apart from being a Chartered Accountant, he holds CFA level 1 clearance, ICAI certifications in valuation and international taxation. He also has a bachelor’s degree in commerce from University of Delhi.
After completing her chartered accountancy, she started her career with PwC in their global mobility taxation. After 2 years of working, she switched to full time practice and established her name in this profession in the city of Bangalore as an owner at Shiva Advisors. After working as an individual practician for more than 2 years, she set up a chartered accountancy firm, Agarwal Nasa & Associates. She has made Witcorp India advsiors a reality with her sheer wit.
At witcorp, she has applied her diverse knowledge and gained expertise in corporate accounting, taxation and compliance, especially in GST compliances, TDS compliances, ROC, litigation, book keeping, Return filing, tax assessment.
Apart from being a Chartered Accountant, Damini has done graduation in commerce from University of Kanpur.
Damini Agarwal has truly done an incredible job in providing a simple tax service to a leading tax preparation and accounting service across Bangalore and India. I would sincerely recommend Witcorp to anyone who asked without second thoughts.”
– Abhinav Pathania
Kudos to the team!”
– Rajesh Naik
– Gorakh Shrivastav
– Mriganka Bhuyan
– Danish Refai
– Rishabh Malhotra
– Arnold Fernandes