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Business EconomyPosted at: Oct 18 2017 5:59PM


Income tax department issues draft notification for registration of trusts

New Delhi, Oct 18 (UNI) The Income Tax Department (ITD) of Central Board of Direct Taxes (CBDT) on Wednesday came out with draft notification for fresh 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’) who have carried out modification of their objects.
Along with this, CBDT has also invited comments and suggestions on the draft Rules till October 27, 2017 electronically at the email address, [email protected].
The Finance Bill, 2017, proposed to amend section 12A of the Income Tax Act to state that where a trust/institution registered under section 12AA or section 12A and, subsequently adopts or undertakes modifications in its objects which do not conform to the conditions of registration, the trust/ 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 alongwith 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.
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