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An NPO/NGO can be formed for promotion of any useful object like sports, education, research activities etc. The term No Profit does not mean that the Company cannot generate profit or income, but it essentially means applying the income for further promotion of the object and not for distributing it to the promoters.
It means that the Company can earn profits but the promoters cannot be benefited out of those profits.
There are numerous benefits:
- The 80 G certification not only provides the donors with a tax exemption on the amount donated (depending upon the annual income of the donor), but also gives tax benefits to the non-profitable organisation.
- The institution can get an exemption of 10% for the gross income earned through donations and contributions.
- The Income Tax Department has the power to approve or reject such approval upon disqualification of the non-profit organisation or dissatisfaction found by the department towards the NGO’s activities.
- The primary role of 80G certification is to encourage donors to donate funds to the non-profit organization.
- With the certification, donors can save reduce their tax liability by up to 10% for 50% of the amount donated.