Articles

CBDT has issued Circular No. 6 dated 24.05.2023 providing some big reliefs to Charitable and Religious Trusts. These are being explained in a quick, and an easy to understand manner below:

1.The due date for furnishing the application in Form 10A by the charitable or religious trusts and institutions for re-registration/approval has been extended from 25.11.2022 to 30.09.2023. [So a very big relief from addition u/s 115TD to the extent of accumulated networth of trust].

2.The due date for furnishing application for regular registration/approval by provisionally registered/approved trusts or institutions in Form 10AB has also been extended from 30.09.2022 to 30.09.2023 for registration under section 10(23C) and 12AB of the Income-tax Act, 1961 [So a very big relief from addition u/s 115TD to the extent of accumulated networth of trust].

3. The due date for furnishing statement of donation in Form 10BD & certificate of donation in Form 10BE, in respect of donations received in FY 2022-23 has been extended from 31.5.2023 to 30.6.2023.

4. No denial of exemption to Trust, if Statement of Accumulation of Income in Form 10 u/s 11(2) or in Form 9A u/s 11(1)(a) is filed on or before the due date of filing return of Income u/s 139(1). As per amendments made by Finance Act 2023, such statements are to be filed before 2 months from the due date of filing return of Income.

The copy of the said CBDT Circular is enclosed as pdf file enclosure below, for ready reference.

Thanks & Regards 

Team TaxAaram