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HomePersonal FinanceCBDT Deadline: Important update for taxpayers, CBDT extended the deadline for this...

CBDT Deadline: Important update for taxpayers, CBDT extended the deadline for this work

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CBDT Deadline: Charitable Trust Registration: The Central Board of Direct Taxes issued a separate statement regarding extension of this deadline. This is going to provide relief to many taxpayers…

CBDT Deadline:  The Income Tax Department has given big relief to the taxpayers. The Central Board of Direct Taxes (CBDT) said in a statement on Thursday that the deadline for registration for charitable trusts has now been extended to June 30.

Relief has been given many times

CBDT said in the statement that now trusts (Charitable and Religious Trusts) engaged in charitable and social work can register with the Income Tax Department till June 30, 2024. Even before this, the Income Tax Department had given relief several times to trusts as well as institutions and funds to file Form 10A and Form 10AB. The deadline for filling both the forms was extended several times and the last date for them 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 get the benefit of many types of tax exemptions. To avail the benefit of this exemption in income tax, the concerned trusts and institutions have to file Form 10A with the Income Tax Department.

Whereas Form 10AB has to be filed by those trusts or institutions which want to renew their permanent registration.

Such bodies will also get benefits

While giving an update on the extension in the deadline, CBDT has also said that the trusts which have done provisional registration can also take advantage of it. According to CBDT, those trusts, institutions or funds which did not file Form 10A in the assessment year 2022-23 even after the extension of the deadline 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 assessment year 2022-23 by June 30, 2024.

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Sunil Kumar
Sunil Kumar
Sunil Sharma has 3 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done B.Com in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @sunil.izone@gmail.com
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