The Income Tax Portal functionality to e-file registration and deregistration of trusts in Form 10A and 10AB extended as per the Central Board of Direct Taxes (CBDT) Circular No.6 of 2023 dated 24th May, 2023.
All the existing trusts were required to apply for registration/approval on or before 30.06.2021. However, on consideration of difficulties in the electronic filing of Form No. 10A, the Central Board of Direct Taxes (the Board) in exercise of the powers conferred upon it under Section 119 of the Income Tax Act extended the due date for filing. Form No. 10A in such cases to 31.08.2021 vide Circular No.12 of 2021 dated 25.06.2021, to 31.03.2022 vide Circular No. 16 of 2021 dated 29.08.2021 and further till 25.11.22 vide Circular No. 22 of 2022 dated 01.11.2022. Such registration/approval shall be valid for a period of 5 years.
Thus, existing trusts are required to apply for fresh registration/approval and once the registration/approval is granted it is valid for five years.
New trusts are required to apply for provisional registration/approval at least one month prior to the commencement of the previous year relevant to the assessment year from which the said registration/approval is sought. Such provisional registration/approval is valid for a maximum period of three years.
Provisionally registered/approved trusts will again need to apply for regular registration/approval in Form No. 10AB at least six months prior to the expiry of the period of provisional registration/approval or within six months of the commencement of activities, whichever is earlier.
This registration/approval is valid for a period of five years. On consideration of difficulties in electronic filing of Form No. 10AB, the Board in exercise of its powers under Section 119 of Income Tax Act extended the due date for electronic filing of Form No. 10AB to 30.09.2022 vide Circular No 8 of 2022 dated 31.03.2022.
The trusts once approved/registered for five years are required to apply at least six months prior to the expiry of the period of five years.
Read More: https://www.taxscan.in/cbdt-clarifies-application-of-s-115td-provisional-registration-and-filing-of-audit-reports-by-charitable-and-religious-trusts-extends-form-10bd-due-date/281214/
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
