Lucknow Consultant

35AC registration

35AC registration in Lucknow is a process that allows organizations to claim tax deductions for funding eligible projects or schemes that contribute to the conservation of natural resources and the protection of the environment. This registration is governed by the Income Tax Act of 1961, and it provides a number of benefits for both organizations and the environment. In this blog post, we will take a closer look at 35AC registration in Lucknow and what it means for organizations and the environment.

35AC registration is available for organizations that are working on eligible projects or schemes that are approved by the National Board for Wild Life (NBWL) or the Forest Advisory Committee (FAC) under the Ministry of Environment, Forest and Climate Change (MoEFCC). These projects or schemes must be related to the conservation of natural resources and the protection of the environment, such as afforestation, wildlife conservation, and the restoration of degraded land.

To register for 35AC, an organization must first submit an application to the MoEFCC, along with detailed information about the project or scheme they are proposing. The application will then be reviewed by the NBWL or FAC, who will determine whether the project or scheme is eligible for registration.

If the project or scheme is approved, the organization will be granted 35AC registration. This registration is valid for a period of 3 years and must be renewed every 3 years.

Once an organization is registered under 35AC, it can claim tax deductions for the funds it has invested in the approved project or scheme. The organization can claim a 100% deduction of the funds invested, subject to certain conditions and limits as specified under the Income Tax Act.

The benefits of 35AC registration in Lucknow are many. For organizations, it provides a financial incentive to invest in projects and schemes that contribute to the conservation of natural resources and the protection of the environment. This can help to promote sustainable development and protect the environment.

For the environment, 35AC registration helps to promote conservation and restoration of natural resources, and also to create awareness among the public about the importance of conservation and protection of the environment.

In conclusion, 35AC registration in Lucknow is an important mechanism that allows organizations to claim tax deductions for funding eligible projects or schemes that contribute to the conservation of natural resources and the protection of the environment. Organizations must submit an application to the MoEFCC and have their project or scheme approved by the NBWL or FAC. Once registered, organizations can claim 100% tax deductions on the funds invested in the approved project or scheme. This registration process not only provides an incentive for organizations to invest in conservation and protection of the environment but also helps to promote sustainable development and protect the environment.

The process can vary depending on the state, but in general, it involves submitting the following documents:

  • Application form
  • Audited financial statements of the organization for the last three years
  • PAN card and GST registration (if applicable)
  • Address proof of the organization
  • Memorandum of Association and bye-laws of the organization
  • Proof of registration of the organization
  • Details of the trustees or managing committee
  • Project report and details of the project or scheme for which registration is sought

The main advantages of 35AC registration include:

  • Tax exemptions for the money spent on approved projects or schemes
  • Increased credibility and legitimacy

35AC registration is a process that allows organizations to claim tax deductions for funding eligible projects or schemes that contribute to the conservation of natural resources and the protection of the environment in Lucknow. The registration is governed by the Income Tax Act of 1961. The process of obtaining 35AC registration and the benefits of having it, are as follows:

  1. Eligibility: Organizations that are working on eligible projects or schemes that are approved by the National Board for Wild Life (NBWL) or the Forest Advisory Committee (FAC) under the Ministry of Environment, Forest and Climate Change (MoEFCC) are eligible for 35AC registration. These projects or schemes must be related to the conservation of natural resources and the protection of the environment, such as afforestation, wildlife conservation, and the restoration of degraded land.
  2. Application: Organizations must submit an application to the MoEFCC, along with detailed information about the project or scheme they are proposing. The application will then be reviewed by the NBWL or FAC, who will determine whether the project or scheme is eligible for registration.
  3. Approval: If the project or scheme is approved, the organization will be granted 35AC registration. This registration is valid for a period of 3 years and must be renewed every 3 years.
  4. Tax Deduction: Once an organization is registered under 35AC, it can claim tax deductions for the funds it has invested in the approved project or scheme. The organization can claim a 100% deduction of the funds invested, subject to certain conditions and limits as specified under the Income Tax Act.

Benefits of 35AC registration:

  1. Tax deductions: Organizations can claim a 100% tax deduction on the funds invested in approved projects or schemes, which can help to offset the costs of these projects.
  2. Financial Incentive: 35AC registration provides a financial incentive for organizations to invest in projects and schemes that contribute to the conservation of natural resources and the protection of the environment.
  3. Promote sustainable development: 35AC registration helps to promote conservation and restoration of natural resources, and also to create awareness among the public about the importance of conservation and protection of the environment.
  4. Compliance: 35AC registration ensures compliance with the Income Tax Act and regulations of the MoEFCC, which can minimize the risk of penalties and legal issues.
  5. Reputation: Obtaining 35AC registration demonstrates an organization’s commitment to environmental conservation and protection, which can enhance its reputation and credibility.

In conclusion, 35AC registration is a valuable tool for organizations that are working on projects or schemes that contribute to the conservation of natural resources and the protection of the environment. It allows organizations to claim tax deductions on funds invested in approved projects or schemes, provides a financial incentive for such investments, and helps to promote sustainable development and environmental conservation. Organizations interested in obtaining 35AC registration should submit an application to the MoEFCC and have their project or scheme approved by the NBWL or FAC.