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The Central Board of Direct Taxes (CBDT) has once again come to the aid of taxpayers, providing relief to trusts, institutions, and funds by extending the due date for filing Form 10A/Form 10AB under the Income tax Act, 1961.
In Circular No. 07/2024 dated April 25th, 2024, the CBDT announced an extension of the deadline until June 30th, 2024. This decision follows earlier extensions aimed at mitigating genuine hardships faced by taxpayers. Notably, the last extension was made through Circular No. 06/2023, which extended the filing date to September 30th, 2023.
The CBDT’s decision comes in response to representations received, requesting further extensions beyond the previous deadline of September 30th, 2023. With a view to avoiding genuine hardships, the CBDT has granted an additional extension, providing much-needed breathing room for taxpayers.
This extension applies to certain provisions of sections 10(23C), 12A, 80G, and 35 of the Act, allowing trusts, institutions, and funds to comply with their filing requirements. Additionally, existing entities that failed to file Form 10A for Assessment Year 2022-23 within the previous due date can now avail the opportunity to submit the form until June 30th, 2024.
Furthermore, trusts, institutions, or funds whose applications for re-registration were previously rejected due to late filing or incorrect section codes may now submit fresh applications in Form 10AB within the extended deadline.
The CBDT emphasizes that all applications must be filed electronically through the e-filing portal of the Income Tax Department. The Circular No. 07/2024 containing detailed instructions and provisions is accessible on the official website www.incometaxindia.gov.in.
Overall, the CBDT’s extension of the filing deadline offers a welcome reprieve for taxpayers, ensuring that they have adequate time to fulfill their obligations under the Income-tax Act, 1961, and facilitating smoother compliance with regulatory requirements.
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