Skip to main content

IT RULES FOR CHARITABLE & RELIGIOUS TRUST - AMENDMENT PROPOSED & SUGGESTIONS INVITED


Vide Finance Act, 2017, a new clause (ab) was inserted in sub-section (1) of section 12A of the Income-tax Act, 1961 (‘the Act’) w.e.f 01.04.2018 to the effect that where a trust or an institution, which has been granted registration under sections 12A or 12AA of the Act has subsequently adopted or undertaken modification of the objects and such modification does not conform to the conditions of such registration, then such trust or institution shall be required to obtain registration again by making an application within a period of thirty days from the date of such adoption or modification of the objects.

As per the Memorandum related to Delegated Legislation laid on the floor of the Parliament along with the Finance Bill, 2017, the form and manner in which an application of registration u/s 12(1)(ab) shall be made to the Principal Commissioner or Commissioner for registration of the trust or institution subsequent to modification of its objects, is required to be prescribed.

The rules for making an application for registration of charitable or religious trusts under section 12A of the Act are laid down under Rule 17A of the Income-tax Rules, 1962 (‘the Rules’). As per the Rules, the application, for registration of charitable or religious trusts under section 12A of the Act, is to be made in Form 10A.

Accordingly, subsequent to the aforesaid amendment to the Act, Rule 17A and Form 10A is proposed to be amended. In this regard, draft notification providing for the amendment of Rule 17A and Form 10A has been framed and uploaded on the website of the Income Tax Department www.incometaxindia.gov.in for comments from stakeholders and the general public.


The comments and suggestions on the draft Rules may be sent by 27th  October 2017 electronically at the email address, dirtpl1@nic.in.  

http://www.incometaxindia.gov.in/news/draft-notification-amendment-rule-17a-form-10a-income-tax-rules-1962-18-10-2017.pdf

For further clarification in this matter, please write to us at:

Compliance Chambers
Advisory & Consulting
Address F-2 / 151, Sector - 11
Rohini, New Delhi |  Pin Code 110085
Email Us at: compliance.chambers@gmail.com
Website: https://compliancechambers.blogspot.in/
Abhimanyu Rajpurohit:  +91 93100 48341, +91 7838060605
Manish Nama:               +91 88007 22330, +91 88004 22330

Comments

  1. Bryant22 April 2021 at 21:52

    Wow..Amazing blog.. This blog is very helpful for me. Thanks for sharing this information with us. I really appreciate your work.If you require about | Income Tax Returns Filing in bangalore please click on it.

    ReplyDelete

Post a Comment

Popular posts from this blog

BLUETOOTH SIG MEMBERSHIP

The Bluetooth Special Interest Group (SIG) is a network of member organizations that are the caretakers and innovators of Bluetooth® technology. As a Bluetooth SIG member, your organization will join a community that helps you grow your business and shape the future of Bluetooth technology. OBJECTIVE OF BLUETOOTH SIG  The primary purpose of the Bluetooth SIG is to support members to make sure that all Bluetooth products are qualified properly and that they comply with the Bluetooth license agreements. The Bluetooth compliance program consists of two steps, which Bluetooth SIG members have to complete – the qualification and the declaration process. WHEN DO I NEED TO BECOME A BLUETOOTH SIG MEMBER? A. Any company incorporating Bluetooth wireless technology into products, using the technology to offer goods and services or simply re-branding a product with Bluetooth technology wants to use word or symbol of ‘Bluetooth’ on their products must become a member
7 comments
Read more

SIGNIFICANT BENEFICIAL OWNER - THE COMPANIES ACT PERSPECTIVE

A s per Section 469 of the Companies Act, 2013 (‘Act’) Central Government has the power to make rules for carrying out the provisions of this act. With the power of Section 469 of the Act, the CG has made Companies (Significant Beneficial Owners) Rules, 2018 for carrying out the provisions of Section 90 of the Companies Act, 2013 which is amended in Companies (Amendment) Act, 2017 under section 22. A s per section 90 , of the Act, every individual , who acting alone or together, or through one or more persons or trust, including a trust and persons resident outside India, holds beneficial interests, of not less than twenty-five per cent. or such other percentage as may be prescribed, in shares ( shares includes GDR, compulsory convertible preference shares or compulsory convertible debentures) of a company or the right to exercise, or the actual exercising of significant influence or control as defined in clause (27) of section 2 of the Act. Also as per section 2(6) ,
22 comments
Read more

GRIHA - GREEN RATING FOR INTEGRATED HABITAT ASSESSMENT

Buildings have an impact on the environment in numerous ways as in it consumes resources like land, soil, trees, plastics, metals, water, electricity and also produces waste like site waste, construction waste, chemical waste etc. and because of this mess created by the buildings the cities have become a home of epidemic and causing various problems in the habitat of the general people living in those buildings as well as around them. Hence, the Ministry of New and Renewable Energy is promoting construction of green buildings through GRIHA, a green rating system in the Country. Green buildings are those buildings which optimises the use of resources in such a way that it does not harm the environment. In Indian context it refers to compliance of the National Building Code, use of resources and products which are IS certified and generates optimum waste as per Central Control Pollution Board and Ministry of Environment rules and regulations. WHAT IS GRIHA? GRIHA is India’s
3 comments
Read more