📢 Income Tax Compliance Alert: Filing Report under Section 35AC(4)/(5)

🗓️ Deadline: 30th June 2025 | FY 2024–25

As per the provisions under the Income Tax Act, Section 35AC, institutions and public sector companies that have received approval to carry out eligible projects or schemes must submit their annual report of activities and fund utilization by the 30th of June following the end of the financial year.

This report is crucial to maintain the tax-exempt status of donations made to such institutions.

🔍 What is Section 35AC?

Section 35AC of the Income Tax Act was introduced to allow tax deduction for donations made by taxpayers to projects or schemes that have been approved by the National Committee for Promotion of Social and Economic Welfare. These projects may include:

  • Education

  • Medical facilities

  • Conservation of environment

  • Rural development

  • And other social welfare activities

Institutions or public sector companies running such projects and having approval under Section 35AC must comply with the reporting requirements under sub-sections (4) and (5).

📑 Reporting Obligations

As per Section 35AC(4)/(5):

  • Institutions must furnish a report in the prescribed format on or before 30th June following the financial year.

  • The report must include:

    • Details of donations received

    • Amounts spent on the approved project

    • Balance remaining

    • Summary of progress and implementation status

🧾 Why It Matters

✔️ Donors claim tax benefits under Section 35AC only if the institution is compliant.
✔️ Failure to submit the report on time may lead to:

  • Withdrawal of approval by the National Committee

  • Denial of tax benefits to donors

  • Regulatory and audit scrutiny

✅ How Taxla Services Assists

Taxla Services specializes in handling institutional and corporate tax compliance with precision. Our services include:

  • Drafting and reviewing the Section 35AC report

  • Ensuring accurate representation of project and financial data

  • Filing with the appropriate authorities on time

  • Coordinating follow-ups or clarifications, if required

📞 Contact Our Experts Today

Avoid regulatory hassles and safeguard your approval status by ensuring timely compliance.

📱 Call/WhatsApp: +91 9600076134 / 7200509886
📧 Email: auditsiva2@gmail.com
🌐 Website: www.taxlaservices.com
📍 Visit Us: 19, SBI Colony 3rd Street, Saligramam, Chennai – 600093

#Section35AC #IncomeTaxCompliance #TaxlaServices #TaxReporting #ApprovedInstitutions #BestAuditorInTamilnadu #ChennaiTaxExperts #IncomeTaxDueDate #CSRCompliance #NGOReporting #TaxAuditSupport



Comments

Post a Comment

Popular posts from this blog

UPI Transactions Are Now Under GST Radar—Stay Compliant with Taxla Services

Image
Digital payments have revolutionized the way businesses operate, with platforms like GPay, PhonePe, Paytm , and others offering convenience and efficiency. However, with this convenience comes the responsibility of tax compliance. Recently, a merchant in Tamil Nadu faced a tax notice after their UPI transactions crossed the GST threshold of ₹20 lakhs in a financial year. Why Are UPI Transactions Being Monitored? The GST Department is closely monitoring digital payment platforms to ensure businesses comply with tax regulations. Transactions conducted via UPI are no longer immune to scrutiny. If your business turnover exceeds ₹20 lakhs (or ₹10 lakhs for specific categories), GST registration is mandatory —regardless of the payment method used. What Does This Mean for You? Unregistered Businesses: If you’re operating without GST registration but your annual turnover exceeds the threshold, you could face penalties and notices. Digital Payment Records: All UPI transactions are recorded an...
Read more

Understanding AOC-4 XBRL Filing Requirements and Deadlines

Image
In compliance with the Companies Act, 2013, every company registered in India is required to file its financial statements with the Ministry of Corporate Affairs (MCA). One of the key forms for this purpose is AOC-4 XBRL . Filing this form is crucial to ensure corporate transparency and adherence to regulatory standards. In this blog, we'll cover everything you need to know about the AOC-4 XBRL filing requirements, its purpose, the deadline, and why it matters for your business. What is AOC-4 XBRL? AOC-4 XBRL is a form mandated by the MCA for filing financial statements of companies in a format that uses the eXtensible Business Reporting Language (XBRL). XBRL is a global standard for exchanging business information, allowing for efficient and accurate data collection, analysis, and comparison across companies. According to Section 137 of the Companies Act, 2013 , and Rule 12(2) of the Companies (Accounts) Rules, 2014 , certain categories of companies are required to submit their f...
Read more

GSTR-1 Filing Due Date for September 2024: Don’t Miss the Deadline!

Image
 As a business owner registered under GST, it’s crucial to stay on top of your tax filing dates. The due date for GSTR-1 filing for the month of September 2024 is 11th October 2024 . What is GSTR-1? GSTR-1 is a monthly or quarterly return that businesses must file, summarizing all the outward supplies (sales) made during the reporting period. The return contains details like: Invoice-level information of all sales Details of outward supplies made to both registered and unregistered customers Details of debit and credit notes issued during the period Who is required to file GSTR-1? The GSTR-1 return must be filed by every registered taxable person, except for: Input Service Distributors (ISDs) Composition scheme taxpayers Persons liable to deduct tax at source (TDS) Persons liable to collect tax at source (TCS) Key Details for September 2024 Filing: Due Date: 11th October 2024 Applicable for: Businesses with an annual turnover exceeding ₹5 crores or those who have opted out of th...
Read more