Get to know how you can donate GCOT to take part in Rural Development?
GCOT is a section 8 company to provide services to the Rural Institutions and farmers for up left of rural economy and self-sustainability. As per Section 8(1a, 1b, 1c) of the Companies Act, 2013, a Section 8 company can be established for the “promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object”. The Act further states that a Section 8 company can purse the above objects subject to the condition that it “intends to apply its profits, if any, or other income in promoting its objects” and “intends to prohibit the payment of any dividend to its members.”. In simple terms, a Section 8 company must promote a public cause and the proceeds generated by the entity must solely be used to support the stated public cause(s) only.
80-G is a certificate that exempts a person - making a donation to a Section 8 company from part or fully paying taxes on the donation amount. There is, however, a maximum allowable deduction criterion. The criterion is if the aggregate of the amount you donate exceeds 10% of the total gross income, then the excess amount will not qualify for tax benefit. 80-G certificates made its way into law book in the year 1967-68, and it continues to be an important tax-saving mechanism for millions of taxpayers in India.
12-A Registration :
12-A registration is a one-time registration obtained by most Trusts, right after incorporation to be exempted from paying income tax. Section 8 Company, Trusts and NGOs having 12-A registration enjoy exemption from paying income tax on the surplus income of the Trust or NGO. Income tax exemption is available for all non-profit NGOs.
Organizations seeking foreign contributions for definite cultural, social, economic, educational or religious programmes may obtain FCRA registration or receive foreign contribution through “prior permission” route. The not-for-profit entity must have also been in existence for a minimum of three years while making the FCRA application. Accordingly the GCOT has completed 3 years of incorporation as on 2018-19 and have applied for FCRA Registration. GCOT not have received any foreign contribution prior to that without the Government’s approval. Additionally, the entity have spent at least Rs. 10,00,000/- over the last three years on its aims and objects, excluding administrative expenditure.
As such, your donation is eligible for deduction in terms of the provisions of Income Tax and your donation amount will be utilised for the good purpose on only the aims and objectives of the GCOT. Please click on the below to donate in small amounts.