The Central Board of Direct Taxes (CBDT) has issued Circular No. 07/2024 dated 25th April 2024, announcing another extension for the filing of Form 10A/10AB under the Income-tax Act, 1961. This extension pushes the due date to 30th June 2024, offering relief to trusts, institutions, and funds.
Background
Previously, CBDT had extended the due date multiple times to alleviate the challenges faced by taxpayers. The last extension, per Circular No. 06/2023, set the deadline to 30th September 2023.
Reasons for Extension
The latest extension comes in response to numerous representations received by the CBDT, highlighting the difficulties in meeting the existing deadlines. This move aims to mitigate genuine hardships faced by taxpayers.
Key Provisions of the Extension
- Extended Due Date: The new due date for filing Form 10A/10AB is now 30th June 2024, applicable to specific provisions under sections 10(23C), 12A, 80G, and 35 of the Income-tax Act.
- Relief for Existing Entities: Trusts, institutions, or funds that missed filing Form 10A for AY 2022-23 within the previous deadlines and applied for provisional registration as new entities (receiving Form 10AC) can now surrender the Form 10AC. They can reapply for registration as existing entities for AY 2022-23 using Form 10A by the extended date.
- Re-application for Rejected Entities: Entities whose re-registration applications were rejected solely due to late filing or incorrect section code can reapply in Form 10AB within the new deadline.
Filing Process
Applications for Form 10A/10AB must be submitted electronically via the Income Tax Department’s e-filing portal.
For further details, refer to Circular No. 07/2024 on the Income Tax Department’s website.
Conclusion
This extension provides significant relief to trusts, institutions, and funds, ensuring they have ample time to comply with the requirements without facing undue hardship. Taxpayers are encouraged to take advantage of this extension and complete their filings by the new deadline.
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