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cryptoagorism · 5 months

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The dangers of the state's monopoly on identity

The state's monopoly on identity excludes vulnerable people from jobs, housing, healthcare and more.

This article originally began as a response to The Reboot's article, which discusses the dangers of perpetual tracking by Google, Facebook and Microsoft. [1]

While the tracking by Google, Facebook and Microsoft is definitely disturbing and can even put people in danger, the state's data economy is even worse, with far-reaching consequences. Few people talk about this, even though it affects millions of people's daily lives.

Via the government ID system, the state exerts a monopoly on identity and an obsession with tracking people from “birth certificate” to “death certificate”. Disproportionate KYC regulations actively exclude people without government-issued ID from necessary services, including jobs, housing and healthcare and even everyday things like online shopping, receiving mail, buying a sim card, doing volunteer work, taking classes, or visiting the gym or library.

Millions of people worldwide don't have access to government ID (the state refuses to print it for them) or can't show ID for safety reasons (e.g. they are a victim of abuse and don't want to be tracked down by the abuser). These people are often already in vulnerable situations (for example: stateless, undocumented or homeless people; activists, dissidents or refugees; victims of domestic abuse or adult victims of child abuse; or adults whose birth was not registered) and exclusion from basic needs makes it even more difficult to survive.

The state offers no alternatives nor solutions – if the state refuses to print a passport, national ID card or birth certificate for someone, this person can't appeal, get help from NGOs or lawyers, or find an alternative way to get ID. [2]

The state's system does not offer a procedure to register yourself, for example if you weren't registered at birth or your country of birth is dangerous to you. There are no steps you can take – no appeals, checklists, regularization, rehabilitation, special circumstances, friendly jurisdictions, nor identity issuer of last resort. You cannot earn access to ID via merit, vouches, oaths, good behavior, probation, community service, nor any other form of effort or compassion. Even if the individual would otherwise qualify for a skilled work, marriage or humanitarian visa and could provide a biometric photo and fingerprints, this is not enough.

Similarly, there are no non-state solutions. NGOs and religious organizations like the United Nations, Red Cross and Caritas don't issue alternative IDs; jurisdictional arbitrage such as Flag Theory requires an existing birth certificate or old passport; and non-government IDs from World Passport or Digitalcourage are not accepted. This lack of alternatives only cements the state's monopoly.

In the 1950s, the United Nations issued conventions on statelessness [3] and refugee status [4], but today countries still refuse to issue IDs for stateless people, people who weren't registered at birth, and people who have fled political, cultural or interpersonal persecution – whether by arbitrarily or discriminatorily denying applications for stateless status, refugee status or delayed birth registration, ignoring submitted applications, or not having a process for applications at all, while simultaneously criminalizing people without a legal identity. [5] In 2014, the UNHCR started a campaign to “end statelessness by 2024” [6], but today it is still impossible to get a stateless or non-citizen passport, and unlike the laissez-passer passports of the past, the United Nations no longer issues substitute IDs, despite that it could help millions of people to access necessities such as employment, housing and healthcare.

This condemns individuals purely and permanently to their circumstances of birth, which they could not influence and cannot change. As an adult, there is no way to enter the system. If you were born in the wrong place (e.g. stateless, refugee, dissident) and/or to the wrong people (e.g. child abuse, cult, no birth registration), there is no way to rise above your situation through effort, determination nor compassion.

The state's monopoly on identity is therefore an unethical, fatalistic single point of failure.

Even for individuals with ID, the name that the state prints on their ID may not correspond to the name that they use in real life, which could put them in danger. [7] Many countries restrict or even ban legal name changes, which endangers victims of abuse (such as adults who escaped from child abuse, domestic abuse, cults or gangs), who use a self-chosen name for a fresh start, to feel human, to recover from trauma or for physical safety reasons. [8]

As government ID is not universal and does not signify security or trust, government ID requirements only disproportionately and unfairly exclude people from services. [9]

Returning to the topic of “surveillance capitalism” – People can choose to stop using Google, Facebook, Windows or stock Android. There are many alternatives, such as DuckDuckGo, Mastodon, Linux and custom ROMs such as Lineage or Graphene. There are also ways to protect your privacy, such as reducing usage of social media, using a VPN or Tor, using a burner phone, using a pseudonym, or using cash or crypto instead of credit cards. [10]

In comparison, when the state coerces the vast majority of employers, landlords and hospitals to require government ID, there are only a few gray market alternatives left (e.g. under the table work, informal rentals for cash, doctors who accept out-of-pocket payments). [11]

It is a stark contrast: If you don't use Facebook for privacy reasons, you can still find different ways to keep in contact with friends and local events. If you can't rent most apartments because the landlord requires a passport or driver's license, you are very lucky if you can find a room in a shared apartment where your roommates deal with the contract for you and you pay rent to your roommates in cash. One thing can be an inconvenience, one thing can cause homelessness.

Many people believe government ID is the only way to trust that “someone is who they say they are”. [12] If someone admits that they don't have “proper ID”, they are often seen as untrustworthy, hiding something or even dangerous. [13] The equation of “ID = trust” not only leads to social stigma and exclusion, but can also lead to poverty and homelessness [14], threats of violence, or even indefinite detention (in many countries, cops can demand ID without a reason, and detain the individual until their legal identity is known – which can mean indefinite imprisonment for people who were never assigned a legal identity [15] [16]). Rather than “innocent until proven guilty”, this creates a situation of “guilty and no way to prove innocence”.

If innocence is not based on your actions, but purely on possession of government ID, it creates an impossible scenario when no jurisdiction agrees to print ID for you – from stateless people who literally have nowhere to go, to refugees who can't return to or interact with their country of birth for safety reasons, to adults whose births were never registered, to victims of child abuse, domestic abuse or cult abuse who don't use their birth name due to decades of trauma or worse the risk of being tracked down and returned. Instead of blaming authoritarian countries, uncooperative bureaucrats, abusive or neglectful birth parents, violent ex-partners or sociopathic cult leaders, the victim is blamed, distrusted and considered as a criminal.

In an ideal world, people would be judged on their actions and intent, rather than on circumstances of birth and decisions of bureaucrats. For housing, only your ability to pay rent would be relevant. For a job, only your skills and work ethic would be relevant. For healthcare, only your medical condition would be relevant (it would be against the Hippocratic Oath to deny medical treatment to people without ID, especially if they are paying out-of-pocket in cash).

For identity, it would be enough to say your name, get a vouch from a friend, landlord or employer, link to a social media profile, or use a non-government photo ID (such as from Digitalcourage or World Passport, which does not require birth registration or citizenship and allows self-chosen names).

For authentication, you would use a password or PIN (e.g. SMS code to pickup mail), physical key or card (e.g. mailbox keys, membership cards) or a cryptographic keypair (such as in PGP, Bitcoin or Monero).

For trust, word-of-mouth was the primary method before government IDs were invented (and made mandatory) in the 20th century. [17] [18] [19] Nowadays, word-of-mouth includes vouches from friends, online reviews, social networks, web-of-trust and memberships. Cash deposits and escrow systems (e.g. Bitrated) would protect against scams, theft or damage.

This meritocratic, non-government market is not theoretical. Permissionless free markets exist today – under the names of agorism [20], informal economies, black and gray markets, parallel economies and Second Realms – and offer hope and a means to survive to people in need. [21] [22] While NGOs have tried in vain to convince the state to print IDs for vulnerable people, these independent markets take a practical, grassroots approach to help people access work, housing and healthcare, even without government-issued ID. [23]

These free markets offer a way for people to take control of their situation. Human rights activists have campaigned since decades, while individuals have been left in limbo or excluded entirely from society, purely due to bureaucracy. In the 1950s, the United Nations called on nation-states to print IDs for stateless people, unregistered people and refugees – but seventy years later, the situation has only become worse, as more daily life necessities require government ID KYC every year, yet nation-states still refuse to print ID for millions of people.

Even worse, these people are not being accused of a specific crime and there is no real justification to deny printing IDs for them – their only “crime” is the vicious circle of not having papers because the state refuses to print papers for them. You would think economic exclusion – banned from employment, housing, healthcare, education, banking, travel, contracts, mail, sim cards and more – would be a punishment for only the most severe of crimes. But for stateless people, refugees, victims of abuse and people who weren't registered at birth, it is a punishment for being born. In this unforgiving situation, the informal economy provides an essential lifeline and way to survive.

Some examples include under-the-table work, informal apartment rentals, health clinics run by volunteers and anonymous sim cards. Most informal, agorist markets are local, based on word-of-mouth with cash-in-hand payments. The internet can also offer a place for an uncensored digital economy – such as for global trade [24], remote work, activism, fundraising [25] and community building – while cryptocurrencies like Bitcoin and Monero offer a way to send and receive money online without government ID or a bank account [26] [27] and withdraw to local cash when needed [28].

There are many reasons why people participate in agorist markets. It can be quicker and easier to rent out your spare room for cash, pay a doctor out-of-pocket instead of dealing with public health insurance, or hire an online freelancer for crypto. Bureaucracy doesn't just shut people out of the market, it also takes time and money to fill out forms, deal with months-long wait times, pay extortionate fees, and apply for government permission (which may be denied for arbitrary or discriminatory reasons). Agorism cuts the red tape, enabling people to access what they need in a truly free market.

As the state continues to ostracize and even criminalize vulnerable people, agorism provides not only hope of inclusion and equal opportunities, but a practical, proven solution which works today. For universal and safe access to daily needs such as employment, housing and healthcare, it is important to build and use agorist markets that are immune to the state's monopoly on identity, invisible to the state's data economy, and free for everyone to use.

The following books, articles and podcasts provide more information about agorism, as well as practical examples:

“An Agorist Primer” by SEK3 Book: https://kopubco.com/pdf/An_Agorist_Primer_by_SEK3.pdf

“Second Realm: Book on Strategy” by Smuggler & XYZ Book: https://ia801807.us.archive.org/34/items/second-realm-digital/Second%20Realm%20Paperback%20New.pdf

“Crypto Agorism: Free markets for a free world” by AnarkioCrypto Video: https://tube.tchncs.de/w/tPvohTaiocfg5LEsFjGqHN Slides: https://anarkiocrypto.medium.com/crypto-agorism-free-markets-for-a-free-world-d9c755e6ef11

“Fifty things to do NOW” by The Free and Unashamed Article: https://libertyunderattack.com/fifty-things-now-free-unashamed

Vonu Podcast Audio: https://vonupodcast.com

Agora Podcast Audio: https://anchor.fm/mortified-penguin

Monero Talk Podcast Audio: https://www.monerotalk.live

Hack Liberty Forum Link: https://forum.hackliberty.org

Sources:

[1] https://thereboot.com/why-we-should-end-the-data-economy/ [2] https://anarkio.codeberg.page/blog/roadblocks-to-obtaining-government-id.html [3] https://www.unhcr.org/what-we-do/protect-human-rights/ending-statelessness/un-conventions-statelessness [4] https://www.unhcr.org/about-unhcr/who-we-are/1951-refugee-convention [5] https://index.statelessness.eu/sites/default/files/UNHCR%2C%20Faces%20of%20Statelessness%20in%20the%20Czech%20Republic%20(2020).pdf [6] https://unhcr.org/ibelong/about-statelessness [7] https://blog.twitter.com/common-thread/en/topics/stories/2021/whats-in-a-name-the-case-for-inclusivity-through-anonymity [8] https://privacyinternational.org/long-read/2274/identity-discrimination-and-challenge-id [9] https://www.economist.com/christmas-specials/2018/12/18/establishing-identity-is-a-vital-risky-and-changing-business [10] https://anonymousplanet.org/guide.html [11] https://anarkio.codeberg.page/blog/survival-outside-the-state.html [12] https://sneak.berlin/20200118/you-dont-need-to-see-my-id [13] https://vonupodcast.com/know-your-customer-kyc-the-rarely-discussed-danger-guest-article-audio/ [14] https://www.statelessness.eu/blog/each-person-left-living-streets-we-are-losing-society [15] https://www.penalreform.org/blog/proving-who-i-am-the-plight-of-people/ [16] https://index.statelessness.eu/themes/detention [17] https://dergigi.medium.com/true-names-not-required-fc6647dfe24a [18] https://fee.org/articles/passports-were-a-temporary-war-measure/ [19] https://medium.com/@hansdezwart/during-world-war-ii-we-did-have-something-to-hide-40689565c550 [20] https://anarkio.codeberg.page/agorism/ [21] https://libertyunderattack.com/fifty-things-now-free-unashamed [22] https://medium.com/@Kallman/a-21st-century-introduction-to-agorism-5dc69b54d79f [23] https://kopubco.com/pdf/An_Agorist_Primer_by_SEK3.pdf [24] https://bitcoinmagazine.com/business/kyc-free-bitcoin-circular-economies [25] https://kuno.anne.media [26] https://c4ss.org/content/57847 [27] https://whycryptocurrencies.com/toc.html [28] https://blog.trezor.io/buy-bitcoin-without-kyc-33b883029ff1

#anarchism #agorism #privacy

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getlicense-consultants-india · 9 days

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License Registration offers TradeMark Registration, ISO Certification, SSI Registration, Company Formation, FSSAI, MSME, Special Marriage, Drug License, IEC Code, NGO, Trust / Society, AGMARK, ESI and EPF, EPF, BAR CODE consultancy services in India. Call: 8588952500, 9911434920 https://getlicenseconsultants.in/license-registration/

#getlicense #license #registration #consultants #india

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corpbizlegal · 21 days

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Everything You Need to Know About 80G and 12A Registration for Your NGO

Navigating the registration process for NGOs in India can be complex, especially when it comes to obtaining 80G and 12A registrations. These registrations are crucial for nonprofit organizations looking to benefit from tax exemptions and attract donations. In this blog, we will explore the importance of 12A and 80G registrations, explain what a 12AB certificate is, and provide insights into the relevant sections of the Income Tax Act. Understanding these elements can help NGOs better manage their tax strategies and compliance requirements.

1. Understanding 12A and 80G Registration

12A and 80G registrations are essential for NGOs to operate efficiently in India. 12A registration allows nonprofit organizations to be exempted from paying income tax, while 80G registration enables donors to claim tax deductions for their contributions. Together, these registrations help NGOs reduce their tax burden and incentivize donations, which is vital for sustaining their activities and expanding their reach.

To apply for these registrations, organizations need to submit specific documents and meet certain criteria set by the Income Tax Department. Understanding these requirements and the benefits they offer is crucial for any NGO aiming to maximize its impact.

2. What is a 12AB Certificate?

The 12AB certificate is a document introduced under recent amendments to the Income Tax Act, replacing the earlier system of registration under Section 12A. This certificate is required for all NGOs seeking tax exemptions on their income. Under the new rules, organizations previously registered under 12A need to transition to the 12AB registration by applying to the income tax authorities.

The 12AB certificate ensures that NGOs comply with updated regulations, maintain transparency, and adhere to governance standards. This shift is designed to streamline the process and ensure that only genuine organizations benefit from tax exemptions.

3. Section 12AB of the Income Tax Act

Section 12AB of the Income Tax Act governs the registration process for NGOs to obtain tax exemptions. This section outlines the requirements for registration, the conditions under which exemptions are granted, and the procedures for renewing registrations. Under Section 12AB, NGOs must submit an application within a specified timeframe, along with relevant documents, to obtain or renew their registration.

Understanding the provisions of Section 12AB is vital for NGOs as it directly impacts their eligibility for tax exemptions. Compliance with these rules ensures continued tax benefits and helps maintain the organization’s credibility and trustworthiness among donors and regulatory bodies.

4. How to Apply for 12A and 80G Registration Online

Applying for 12A and 80G registration online has made the process more accessible and efficient for NGOs. The steps to apply include:

Fill Out the Application Form: Complete the relevant forms for 12A and 80G registrations online, providing accurate information and details about the organization.

Upload Required Documents: Attach necessary documents such as the NGO’s PAN card, financial statements, and details of activities conducted.

Submit and Track Your Application: After submitting the application, NGOs can track its status online and respond to any additional information requests from the authorities.

By following these steps, NGOs can streamline their registration process, ensuring timely and successful applications for 12A and 80G registrations.

Conclusion

Obtaining 80G and 12A registrations is crucial for NGOs looking to maximize their impact and ensure compliance with tax regulations. By understanding the importance of these registrations, the requirements for obtaining a 12AB certificate, and the specifics of Section 12AB of the Income Tax Act, NGOs can better navigate the registration process. Utilizing online tools for registration further simplifies the process, allowing NGOs to focus on their core mission of driving social change and benefiting their communities.

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bizconsultancy · 1 month

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A Simple Guide to Section 12A and 80G Registration

Non-profit organizations play an important role in helping communities and supporting growth in India. They usually don’t have a regular way to earn money. Instead, they depend on grants, donations, and other types of support to keep running and achieve their goals. The 12A and 80G registrations are ways the government encourages people to support these non-profits. Let’s see how these registrations work!

What is Section 12A Registration?

Section 12A registration exempts NGOs from paying income tax on surplus income. This means your NGO can focus more on its mission rather than worrying about hefty tax bills. For guidance, online tax consultants can be very helpful in navigating this process.

Section 12A of the Income Tax Act explains how the rules in Sections 11 and 12 apply to NGOs. Section 11 says that some types of income don’t count towards the total taxable income for the previous year. Section 12 adds that this includes any money received from grants and donations meant for charity or religious activities.

What is Section 80G Registration?

NGOs get 80G registration so their donors can get tax deductions on their donations. This encourages more people to donate. Getting 80G registration is optional and can only be done after the NGO has 12A registration. Business consultants often recommend this step to enhance fundraising.

Section 80G (1) lets you exclude certain donations from your total taxable income. Clause (2) lists these donations in detail. It covers money given to a non-profit organization that has a 12A Registration. This organization must be based in India, and the money must be used only for charitable or religious activities.

Eligibility for 12A and 80G Registration

Section 12A allows charitable or religious organizations to register and get tax exemptions on donations they receive. To get this registration, these conditions must be met:

Type of Organization: Only trusts or institutions set up for charitable or religious reasons can apply. Charitable reasons include helping the poor, education, yoga, medical aid, protecting the environment, preserving historic sites, or any activity that benefits the public.

Charitable Work: The group must do charity work and not make money for individuals or specific groups.

Registration: The group must be officially registered as a trust, society, or Section 8 company under the Companies Act, 2013. Proof of this must be included in the 12A application.

Use of Income: The group’s money should only be used for charity or religious work, not for the benefit of its members or specific individuals.

Record-Keeping: The group must keep proper records of income, expenses, and activities.

Filing Returns: The group must file its annual income tax returns on time, even if it doesn’t have to pay taxes.

Documents Required for 12A and 80G Registration

To complete the online process for 12A and 80G registration, NGOs need to give documents that show they are officially registered. If they don’t provide these documents, their applications for 12A and 80G registrations might be incomplete and rejected. Here is a simple list of what’s needed for 12A and 80G registration in India:

1. Trust Deed, Society Registration Certificate, or Section 8 Company Certificate

2. Memorandum of Association and Articles of Association (only for Section 8 companies)

3. PAN card of the organization

4. Bank account statement of the organization

5. Audited accounts of the organization for the past three years

6. List of trustees, members, or directors

7. List of activities the organization has done

Who can apply for 12A and 80G registration?

This professional expert talk outlines the benefits and processes for NGOs to obtain Section 12A and 80G registrations.

Benefits of 12A and 80G Registrations

Getting 12A and 80G registrations provides big benefits for charities and NGOs:

Here’s the information rephrased in very simple and common language:

1. Tax Benefits for Donors: With 80G certification, donors can get a break on their taxes for giving money. This makes donating more attractive and can lead to more people giving.

2. Increased Trust: Being registered with 12A and 80G means the Income Tax Department approves the organization. This makes donors and partners trust the organization more because they know it’s transparent.

3. Improved Fundraising: Tax benefits make people and businesses more likely to give money. This helps NGOs collect more funds and expand their projects. Online tax consultants can provide useful advice to maximize these benefits.

4. More Government Grants: Many government grants need 12A and 80G registrations. This means more chances for important funding.

5. Stable Funding: Offering tax benefits to donors helps increase donations and build long-term relationships. This helps NGOs plan and carry out important projects over time.

6. Effective Use of Funds: With 12A registration, NGOs must keep detailed records and use money only for charitable work. This ensures resources are used properly.

Overall, 12A and 80G registrations help manage and increase funds while also improving the NGO’s reputation and ability to operate effectively. Business consultants often recommend these registrations to enhance an NGO’s financial health.

Validity of 12A and 80G Registration

When you first get 12A and 80G registration, it is given as a provisional registration that lasts for three years. To keep this status, you need to apply for renewal either six months before it expires or within six months of starting your operations, whichever comes first. After renewal, the registration is valid for five more years. You will need to repeat this process every five years to keep the benefits.

12A and 80G Registration Process Online

According to the Finance Acts of 2020 and 2021, NGOs need to use Form 10A for getting their 12A and 80G registrations. Here’s a simple guide to help you:

Note: Section 12AA has been replaced by Section 12AB. If your NGO was registered under 12A, 12AA, or 80G before April 1, 2021, you will need to re-register under Section 12AB.

Step 1: Set Up and Register Your NGO

Choose the right type of legal setup for your NGO, such as a trust, society, or Section 8 company, and register it with the right authorities.

Step 2: Gather Documents

Collect necessary documents like your registration certificate, MOA/Bye Laws/Trust Deed, audited financial statements, FCRA Registration, and NGO Darpan ID.

Step 3: Fill Out Form 10A

Complete Form 10A, available from the Income Tax Department’s website or local offices. Provide accurate details about your organization.

Step 4: Submit Your Application

Send Form 10A and documents to the Income Tax Commissioner’s Office or through the Income Tax Website. Keep copies for your records.

Step 5: Review and Inspection

The tax authority will review your application and may inspect your NGO’s activities and financial records.

Step 6: Registration Confirmation

If approved, you’ll receive a 12A and 80G registration certificate. If there are issues, you’ll have a chance to fix them.

Step 7: Obtain Your Registration Certificate

Once registered, you’ll get an official certificate confirming your NGO’s tax-exempt status, benefiting both your organization and its donors.

Process for Regular 80g Registration

· Submit Form 10G: NGOs must complete Form 10G and submit it with the required documents to the Income Tax Department.

· Inspection: The Income Tax Officer (ITO) may conduct an on-site inspection to verify the NGO’s information.

· Approval: Upon satisfactory review, the NGO will receive regular 80G registration, valid for five years.

#12aregistration #80gregistration #ngo #consultants #bizconsultancy #consulting #onlineprocess #tax exemption #taxexperts #documentation #industryexperts #registrationonline

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ngo-pilot123 · 2 months

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Social Stock Exchange Registration in India

SSE REGISTRATION OF NPO

SSE registration aim is to enable these organizations to get sustainable funding and expansion for their work of transforming people’s lives positively. Listing/Issuing of ZCZP (Zero Coupon Zero Principle) instruments by NPO after registration on social stock exchange. This is a separate segment of the recognized stock exchange that enables Social Enterprises which are NPOs to raise funds through the issuance and listing of ZCZP instruments.

The first step is for the NPO to register itself with SSE and only eligible NPOs can list their instruments for raising funds. There have been certain minimum requirements prescribed for a not-for-profit organization to register on Social Stock Exchange. There is the mandatory criteria that include the mandatory age of NPO being at least 3 years, valid certificate under U/s 12A/12AA/12AB of the income tax, valid 80G registration, annual spending of at least 50 lakhs and a minimum 10 lakh of funds in the past year. This registration is valid for 1 year and renewable after 1 year. In this case, only registered NPO can list or issue ZCZP within the registration validity period, and listing is not mandatory for registered NPO.

Registering Process Of NPO

The NPO needs to register themselves on the SME platforms of the stock exchanges, BSE SSE and NSE SSE. NPOs seeking to register must apply separately to each platform, adhering to the specific checklists and guidelines specified by both exchanges. Compliance with these distinct registration procedures is essential to ensuring successful registration and listing on both the BSE and NSE. This is valid for one year, and it can be renewed after one year. NPO have to be aware that they cannot be linked with Political or religious organization or activities, Infrastructure Company, housing finance, professional trade association and not cover in ineligible activities also.

Not for profits can get SSE Registration. Registration refers to the act of a social enterprise validated by the SSE as being eligible to raise funds. Listing is the process of making a specific type of security available on the SSE for subscription by investors. Listing refers to the specific security instrument (ZCZP/SIB/DIB etc) through which funding is mobilised on the SSE.

Registration Procedure For SSE On BSE

NPOs seeking registration on the BSE SSE must submit a formal application on their official letterhead to the BSE SSE. This application shall go along with the required documents listed below.

Certificate Of Constitution Of NPO

MOA, AOA, Trust Deed, Bye Laws Of Or Any Other Governing Document

Copy Of PAN, TAN, GST

ITR Of Last 3 Years

Audited Financial Statements Including Auditors Report For Last 3 Financial Years.

80G Registration Under Income Tax Act

Registration Certificate Under The Income Tax Act, 1961 Under Section 12AB (Along With Previous Registrations Under 12A/12AA, If Applicable) And/Or 10 (23C).

Annexure I To Be Given On The Letter Head Of The Entity Contains The Confirmation By The Entity That The Entity Is Formed And Registered Under Acts Such As Indian Trusts Act, 1882, Societies Registration Act Etc.

Annexure II Is The Certificate Of Chartered Accountant Stating Annual Spending, Past FY Funding, Filled Annual Returns Within Due Dates, And Other Information As Required Of The NPO.

Annexure III Is The Confirmation Of Eligibility Criteria For Being Identified As Social Enterprise.

Annexure IV Is The Document That Contains The Vision Statement, Mission Statement, Address, NGO Darpan Registration* Details, Its Governing Board, Number Of Staff, Details Of Statutory Auditor, Representative Letter, Key Projects Handled, Social Audit Reports/ Impact Assessment Reports For Projects (If Any)

Details Of Fee

The NGO Darpan (NGO-PS) is a portal provided by the NITI Aayog that connects NGOs, voluntary organizations, and key government ministries. It aims to enhance collaboration, efficiency, transparency, and accountability between the government and the voluntary sector. The portal helps NGOs and the government work together more effectively and offers up-to-date information on new and ongoing government projects and programs, fostering better communication and partnership.

Registration Process Of SSE On NSE

NPOs who want to register on the NSE SSE must submit a formal application on their official letterhead to the NSE SSE. This application should be go along with required documents listed below.

Application As Per Annexure I Contains The Information Of NPO Like Name, Address And Other Information. (PDF Of Annexures To Be Attached With This)

Certificate Of Constitution Under The Relevant Act Such As Public Trust Statue Of The Relevant State, Societies Registration Act, 1860, Indian Trusts Act, 1882, Companies Act, 2013

NPO Must Have Been Registered At Least 3 Years Prior To The Date Of Application

MOA, AOA, Trust Deed, Bye Laws Of Or Any Other Governing Document

Registration Certificate Under Section 12A/12AA/12AB Under Income Tax Act, 1961. Please Note That The Registration Certificate Should Be Valid For At Least Next 12 Months From Date Of Application

80G Registration Under Income Tax Act

Attach Last 3 Financial Years Audited Financial Statement Along With The Fund Flow Statement Of The Registered NPO

Annual Reports For Last 3 Financial Years As Well, In Case The Entity Is A Section 8 Company.

Resolution For Registration On Social Stock Exchange Along With The Annexures Given By The NSE For The Registration.

NPO Can Apply For Its Registration Along With The Fee In Annexure I Which Is The Format For Application Of Registration.

Annexure II Is The Undertaking From The NPO On Their Letterhead Stating The Eligibility Of The NPO To Be Identified As Social Enterprise And Information About Its Promoters.

Social Auditor Or Statutory Auditor Give Undertaking In Annexure III From The Stating Compliances Of Regulation 292E Of SEBI (ICDR) Regulations, 2018, Information In Respect Of The Annual Spending And About The Funding Of The Past FY Of The Entity.

Firstly, there is the same registration process for NSE SSE and BSE SSE by NPO. However, on BSE SSE, we can check our eligibility by filling out the Yes or No question and answers. If you are eligible and give the right answers as per the eligibility criteria, then successful word mention on screen and then register your interest, but on NSE SSE, we need to create a login credential, then we can fill out the application form, and fees are very minimal as per the circular, but we have not been notified yet. On BSE SSE, the process is a little bit easier as compared to NSE SSE.

Generally, the Exchange reverts to the Issuer with the queries/approval on the application within T+5 working days from the receipt of the application which is correct and complete in all respects. However, additional days may be required on case-to-case basis.

Satisfactory response to the queries raised by the exchange shall be submitted on immediate basis which in any way shall not be later than one month from the last requirement raised. Exchange reserves the right to return the applications if not responded satisfactorily within one month. The fees for registering on a SSE can vary depending on specific exchange and SEBI has not notified a separate fee structure for Social Stock Exchanges as of yet.

Note: The documents to be submitted for registration of an NPO are required to be submitted by CEO/Managing Trustee/Statutory Auditor/any authorized signatories from governing body.

There are the different kinds of instruments through which funds can be raised by an NPO on an SSE:

Zero Coupon Zero Principal Instruments

Donation Through Mutual Funds Schemes

Development Impact Bonds

There are the different types of the investors who might invest through SSE.

Only institutional and NPOs from India can invest in not for profit entities. Non institutional investors Companies, family run foundations/trusts and HNIs are qualified to invest in the SSE as non-institutional investors. This means that all philanthropic donors such as Tata Trust, Azim Premji Foundation, Wipro Foundation, Individuals (who will invest more than INR 2 lakhs) and Corporates with CSR obligations would be allowed to make social investments through the SSE.

Conclusion: If NPO want to access the market and explore more for funding, then register on SSE, which can be BSE or NSE. Both have the same registration process, but BSE is a more easy and valuable process that can be easily understood by giving the questions and answers to the eligibility criteria. There is the mandatory registration process for NPOs and providing accurate documents as per above.

DISCLAIMER: The information provided in this article is intended for general informational purposes only and is based on the latest guidelines and regulations. While we strive to ensure the accuracy and completeness of the information, it may not reflect the most current legal or regulatory changes. Taxpayers are advised to consult with a qualified tax professional or you may contact to our tax advisor team through call +91-9871990888 or [email protected].

#accounting #finance #SSE #social stock exchange

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