Income tax department update form 10a

The Income Tax Department has released an update stating that the filing of Form 10A for regular registration or approval for the assessment year 2022-23 is now open on the income tax portal. 

This form is specifically designed for trusts, non-profit organizations (NPOs), non-governmental organizations (NGOs), and other Section 8 companies to apply for provisional or permanent registration under Section 12A of the Income Tax Act, 1961. Through this section, all trusts and charitable/religious organizations are eligible to claim complete tax exemptions.

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The notification stated: All existing trusts were originally required to submit their registration/approval applications on or before June 30, 2021. However, considering the difficulties faced in electronically filing Form No. 10A, the Central Board of Direct Taxes (CBDT), under the authority of Section 119 of the Act, extended the deadline for filing Form No. 10A in such cases. 

The extension was granted until August 31, 2021, as per Circular No.12 of 2021 dated June 25, 2021. Subsequently, the deadline was further extended to March 31, 2022, as per Circular No. 16 of 2021 dated August 29, 2021. The most recent extension was granted until November 25, 2022, through Circular No. 22 of 2022 dated November 1, 2022. 

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It is important to note that the registration/approval obtained through this process remains valid for a period of 5 years. Therefore, existing trusts are required to apply for fresh registration/approval, and once granted, it will be valid for a period of five years.

Also, Read: "Self-Assessment Tax: Paying Self-Assessment Tax via Online".