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10(23C) Registration of all existing Government and non-government universities, educational institutions, hospitals and medical institutions is expiring on 31st March 2022. Hurry up! Contact us now or lose all your income tax exemptions.
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10(23C) Registration is granted by the Income Tax Department, to a government-financed university, educational institution, hospital or any other medical institution existing solely for nonprofit objective to become fully exempt from income tax without the need to take any separate approvals. On the other hand, the exemption of a non-government (private) university, educational institution, hospital or any other medical institution, depends upon their aggregate annual receipts threshold. The Government has brought significant changes and has mandated the Renewal of Registration under Section 10(23C) for all the already registered non- profit institutions which needs to be completed by 31st March 2022. Failing to do so, your NGOs earlier registration shall cease to exist and all the income tax benefits shall lapse
All Government and non-government universities, educational institutions, hospitals and medical institutions working for non -profit objectives.
Validity of Renewal of Registration under section 10 (23C) is 5 years.
The overall process may take upto 3 Months depending upon the processing done by the Income Tax Department.
Note: – All the documents have to be self-certified.
Note:- All the documents have to be self-certified
All Government and non-government universities, educational institutions, hospitals and medical institutions working for non-profit objectives, if they want to claim an exemption under the Income Tax Act are eligible for re-registration before 31st March 2022.
It’s a completely online process so; it doesn’t require your physical presence at any stage.
If an NGO does not renew its registration, then its registration stands cancelled.
The Finance Act, 2020 brought significant changes by introducing a new Section 12AB. It prescribes the new procedure for registration to get the income tax benefits under section 10(23C).
Any pending application for registration u/s 12AA shall be deemed to be filed under section 12AB, and the registration shall be available provisionally.
Application has to be filed in Form 10A on the income tax portal.
Whenever an existing NGO has migrated from old registration to new registration then the order of registration under section 10(23C) shall be passed by department within a period of 3 Months from the end of the month in which the application is filed.
Application for renewal of registration under section 10(23C) (after 5 years) needs to be submitted at least six months prior to the expiry of the validity period.