Income Tax Portal Update: Form 10A filing  for Regular Registration/Approval for A.Y. 2022-23 is Available Now [Read Notification]

The Income Tax Department enabled the filing of Form 10A for regular registration/approval of Assessment year 2022-23 vide Circular No.6 of 2023 dated 24th May 2023. The Form 10A is used by the charitable or religious trusts of requesting and obtaining registration under Section 12A of the Income Tax Act, 1961.

The Central Government issued a circular on 24th May 2023 clarifying the provisions relating to charitable and religious trusts. As per the circular, existing trusts are required to apply for fresh registration/approval and once the registration/approval is granted it is valid for five years.

Also, the 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.

In pursuance with the circular, the Income Tax department has updated the portal facilitating to file form 10A for regular registration/approval under the Section 12A of the Income Tax Act.

The circular also provided the clarification regarding the application of Section 115TD of Income Tax Act for failure of registration/approval.

Further, the Finance Act of 2023, among other things, revised Section 115TD of the Income Tax Act to provide that Trusts' accumulated revenue that is not submitted for registration or approval within the allotted time will be subject to taxation in line with Section 115TD of the Income Tax Act. This modification is now in force as of April 1, 2023, and it will therefore apply to the 2023–2024 assessment year and subsequent assessment years.

Read More: CBDT Clarifies Application of S. 115TD, Provisional Registration and Filing of Audit Reports by Charitable and Religious Trusts: Extends Form 10BD Due Date

To Read the full text of the Notification CLICK HERE

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