Income Tax E-filing Portal Enables Facility for Filing of Form 10
The e-filing portal of the income tax department has enabled the facility to file form 10 for taxpayers. Form No. 10 is a statement to be furnished to the Assessing Officer/Prescribed Authority under clause (a) of Explanation 3 to the third proviso to clause (23C) of section 10 or under clause (a) of sub-section (2) of section 11 of the Income-tax Act, 1961. “Form 10 is now available...
The e-filing portal of the income tax department has enabled the facility to file form 10 for taxpayers. Form No. 10 is a statement to be furnished to the Assessing Officer/Prescribed Authority under clause (a) of Explanation 3 to the third proviso to clause (23C) of section 10 or under clause (a) of sub-section (2) of section 11 of the Income-tax Act, 1961.
“Form 10 is now available for filing vide Notification No.96/2022 dated 17th August 2022,” the portal informed.
As per a notification issued by the Central Board of Direct Taxes on 17th August 2022, the option to be exercised in accordance with the provisions of the Explanation to sub-section (1) of section 11 of the Act in respect of income of any previous year relevant to the assessment year beginning on or after the 1st day of April 2016 shall be in Form No. 9A and shall be furnished before the expiry of the time allowed under sub-section (1) of section 139 of the Act for furnishing the return of income of the relevant assessment year.
The statement to be furnished to the Assessing Officer or the prescribed authority under clause (a) of Explanation 3 to the third proviso to clause (23C) of section 10 of the Act or under clause (a) of sub-section (2) of section 11 of the Act or under the said provision as applicable under clause (21) of section 10 of the Act shall be in Form No. 10 and shall be furnished before the expiry of the time allowed under sub-section (1) of section 139 of the Act, for furnishing the return of income. (3) The option in Form No. 9A referred to in sub-rule (1) and the statement in Form No. 10 referred to in sub-rule (2) shall be furnished electronically either under digital signature or electronic verification code.
the requirement to spend at least eight-five per cent of the total income applies equally to trusts and institutions registered u/s 12AB and 10(23C). The only difference being that earlier institutions registered u/s 10(23C) were not required to pass a Board Resolution to accumulate the unspent income, file any online form for the same, nor specify the purpose of accumulation.
The newly notified online Form No. 10 is now more detailed and applicable besides trusts and institutions registered u/s 12AB, and also to trusts and institutions registered u/s 10(23C).
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