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Charitable trusts are the institutions incorporated to advance help and support to the person who really belongs to the poor and deprived category. Trust so formed is purely independent and a non-profit entity as the main aim of formation of trust is to cause public benefit. These institutions are formally incorporated as any other company or association and have its own individual legal identity as a legal person.
The Government has established a variety of tax incentives to encourage charitable Trust & Other Institutions giving by providing exemption u/s 11, 12& 10(23C) of Income Tax Act 1961.
Earlier registration of Trust under section 12AA and approval to take donation u/s 80G was available for Life Time; once the registration is granted subject to fulfillment of conditions. But from the Financial Year 2020-21; Application for taking Trust Registration needs to be done between 1st October 2020 & 31st December 2020.
Application u/s 10(23C), 12AB, 35, 80G for registration/provisional registration/intimation/approval/provisional approval of Trusts/institutions/Research Associations etc. has been extended to 31st March, 2022.
Not all charitable vehicles are treated the same way for tax purposes, so it is important to educate yourself and develop a working relationship with financial and legal professionals.
