Charitable institutions should apply by 1st June for tax exemption: CBDT

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Charitable institutions should apply by 1st June for tax exemption: CBDT

AIT News Network

NEW DELHI. CBDT has asked charitable trusts and religious institutions to apply for registration under Section 12A of the Income tax Act for availing exemption of income under sections 11 and 12 of the Income Tax Act so that they can avail income tax exemption for earlier years.

Applications filed on or after the 1st day of June, 2007 will entitle the applicant to claim exemption of income from the financial year in which the application is made and not for earlier years.

The Press Release issued by CBDT is as under:

“Registration under section 12A of the Income tax Act, 1961 is a pre-condition for availing exemption of income under sections 11 and 12 of the said Act by a charitable or religious trust or institution. For obtaining such registration, the trust or institution has to make an application in Form no. 10A to the Commissioner of Income-tax within one year from the date of its creation or establishment. Where such application is made after the expiry of one year, the Commissioner may condone such delay, if he is satisfied that the delay was for sufficient reasons. In such case, the exemption under sections 11 and 12 will be available from the date of creation or establishment of the trust or institution. Otherwise, it will be available only from the financial year in which the application for registration is made.

Finance Act, 2007 has removed the requirement of filing the application within one year of the creation or establishment of the trust or institution. It has also removed the power vested with the Commissioner for condonation of delay by stipulating that for any application made on or after the 1st day of June, 2007, registration will be granted from the financial year in which the application is made.

Therefore, in order to avail of the benefit of condonation of delay for earlier years, any trust or institution which has not filed its application within one year of its creation or establishment may file such application before the 1st day of June, 2007. Applications filed on or after the 1st day of June, 2007 will entitle the applicant to claim exemption of income from the financial year in which the application is made and not for earlier years.”