The Central Board of Direct Taxes (CBDT) notifies the forms for a new scheme for trusts which comes into effect from 1 April 2021, which is a completely new system of online registration. Even old trusts have to apply afresh.
The Board notified the Income-tax (6th Amendment) Rules, 2021 which seeks to further amend Income-tax Rules, 1962.
The notification substituted Rule 2C wherein it stated that application for the purpose of grant of approval of a fund or trust or institution or university or any hospital or other medical institution under clause (i) or clause (ii) or clause (iii) of clause (iv) of the first proviso to clause (23C) of Section 10.
Form No. 10A in case of application under clause (i) or clause (iv) of first proviso to clause (23C) of section 10 to the Principal Commissioner or Commissioner authorised by the Board.
Form No. 10AB in case of an application under clause (ii) or clause (iii) of the first proviso to clause (23C) of section 10 to the Principal Commissioner or Commissioner under the said proviso.
The application under sub-rule (1) shall be accompanied by the various documents, as required by Form Nos. 10A or 10AB.
Firstly, where the applicant is created or established, under an instrument, self-certified copy of such instrument creating or establishing the applicant.
Secondly, where the applicant is created or established, otherwise than under an instrument, self-certified copy of the document evidencing the creation or establishment of the applicant.
Thirdly, self-certified copy of the registration with the Registrar of Companies or Registrar of Firms and Societies or Registrar of Public Trusts, as the case may be.
Fourthly, self-certified copy of registration under Foreign Contribution (Regulation) Act, 2010 (42 of 2010), if the applicant is registered under such Act.
Fifthly, self-certified copy of existing order granting approval under clause (23C) of section 10.
Sixthly, self-certified copy of order of rejection of application for grant of approval under clause (23C) of section 10, if any.
Seventhly, where the applicant has been in existence during any year or years prior to the financial year in which the application for registration is made, self-certified copies of the annual accounts of the applicant relating to such prior year or years (not being more than three years immediately preceding the year in which the said application is made) for which such accounts have been made up.
Eighthly, where a business undertaking is held by the applicant as per the provisions of sub-section (4) of section 11 and the applicant has been in existence during any year or years prior to the financial year in which the application for registration is made, self-certified copies of the annual accounts of such business undertaking relating to such prior year or years (not being more than three years immediately preceding the year in which the said application is made) for which such accounts have been made up and self-certified copy of the report of audit as per the provisions of section 44AB for such period.
Ninthly, where the income of the applicant includes profits and gains of business as per the provisions of sub-section (4A) of section 11 and the applicant has been in existence during any year or years prior to the financial year in which the application for registration is made, self-certified copies of the annual accounts of such business relating to such prior year or years (not being more than three years immediately preceding the year in which the said application is made) for which such accounts have been made up and self-certified copy of the report of audit as per the provisions of section 44AB for such period.
The Form Nos. 10A or 10AB, as the case may be, shall be furnished electronically, under digital signature, if the return of income is required to be furnished under digital signature; or through electronic verification code in a case not covered under clause (i).
Subscribe Taxscan Premium to view the Judgment
Support our journalism by subscribing to Taxscan AdFree. We welcome your comments at info@taxscan.in
