Quick Summary
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 has inserted sub-section (4) in section 12AB of the Income-tax Act, 1961 (the Act) allowing the Principal Commissioner or Commissioner of Income-tax to examine if there is any specified violation by the
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
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.
CAclubindia
