The Income Tax Department has given taxpayers big relief. The Central Board of Direct Taxes (CBDT) said in a Thursday statement that the registration deadline for charitable trusts has been extended to June 30.
Relief Has Been Given Many Times
CBDT said that trusts (Charitable and Religious Trusts) engaged in charitable and social work can register with the Income Tax Department until June 30, 2024. Even before this, the Income Tax Department had granted relief several times to trusts, institutions, and funds to file Form 10A and Form 10AB. The deadline for filling out both forms was extended several times, and their last date was fixed as September 30. Now, the trusts have once again been given additional time.
Exemption From Income Tax
In fact, under the Income Tax Act in India, Charitable and Religious Trusts are entitled to many types of tax exemptions. To avail of this exemption, the concerned trusts and institutions must file Form 10A with the Income Tax Department.
On the other hand, Form 10AB must be filed by trusts or institutions that want to renew their permanent registration.
Such Bodies Will Also Get Benefits
While giving an update on the deadline extension, CBDT also said that trusts that have completed provisional registration can also take advantage of it.
According to CBDT, those trusts, institutions or funds that did not file Form 10A in the assessment year 2022-23, even after the deadline extension and later got provisional registration by taking Form 10AC, can also take advantage of this extension in the deadline. Such bodies can surrender their Form 10AC and apply for Form 10A for the assessment year 2022-23 by June 30, 2024.
