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Circular No. 11 of 2022 F. No.370142/4/2021-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 3rd June, 2022 Sub: Clarification regarding Form No 10AC issued till the date of this Circular - reg Finance Act, 2022 ha
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FAQ :
The clarification updates the conditions for trusts and institutions that received Form 10AC between 1st April 2021 and 3rd June 2022, aligning them with amendments made by the Finance Act, 2022.
The updated conditions are effective from 1st April 2022.
If Form 10AC was issued with a 'provisional registration' or 'provisional approval' heading during FY 2021-2022 due to technical glitches, it will be treated as a regular 'registration' or 'approval'.
The amendments primarily affect Section 12AB (registration of trusts and institutions) and Section 10 (clause 23C, regarding funds and institutions).
For applications seeking re-registration or re-approval, terms like 'provisional registration' will be read as 'registration', and 'provisionally registered' will be read as 'registered' (and similarly for approval).
A 'specified violation' includes instances where the activities of a trust or institution are not carried out in accordance with the conditions under which it was approved or registered.
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