Income Tax News: The Central Board of Direct Taxes (CBDT) has announced a further extension of the due date for filing Form 10A/10AB under the Income-tax Act, 1961, for trusts, institutions, and funds. The new deadline has been extended up to 30th June, 2024, providing additional time for taxpayers to comply with the filing requirements.
CBDT Extends Due Date for Filing Form 10A/10AB for Trusts, Institutions, and Funds
In Circular No. 07/2024 dated 25th April 2024, the CBDT clarified that the extension aims to alleviate genuine hardships faced by taxpayers, especially those who failed to file or had their applications rejected due to late filing. This extension offers an opportunity for trusts, institutions, and funds to rectify any filing discrepancies and ensure compliance with the Income-tax Act provisions.
CBDT emphasized that the extension applies to certain provisions of section 10(23C), section 12A, section 80G, and section 35 of the Act
The CBDT emphasized that the extension applies to certain provisions of section 10(23C), section 12A, section 80G, and section 35 of the Act. Furthermore, existing trusts, institutions, or funds that missed the earlier extended due date for filing Form 10A for the assessment year 2022-23 can now avail themselves of this extended deadline until 30th June 2024.
Additionally, entities that applied for provisional registration as a new entity and received Form 10AC but wish to surrender it and apply for registration for the assessment year 2022-23 as an existing trust, institution, or fund can also benefit from this extended deadline.
Moreover, trusts, institutions, or funds whose applications for re-registration were previously rejected solely due to late filing or filing under the wrong section code are encouraged to submit fresh applications in Form 10AB within the extended deadline of 30th June, 2024.
The CBDT stressed that all applications for Form 10A/10AB must be filed electronically through the e-filing portal of the Income Tax Department. The Circular No. 07/2024 containing detailed information regarding the extension is available on the official website www.incometaxindia.gov.in.
This extension provides much-needed relief to taxpayers and aims to facilitate smoother compliance with tax regulations, ensuring that trusts, institutions, and funds can fulfill their obligations effectively.
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