Quick Summary
CBDT videCircular No. 6 of 2023 dated May 24, 2023issued clarification regarding provisions relating to charitable and religious trusts. Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 of the Income-tax Act, 1961 (the Act) or any trust or institution registered under section 12AA or sec
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FAQ :
The circular provides clarity on various provisions related to charitable and religious trusts, including registration, application deadlines, and donation reporting.
For existing trusts, the deadline to apply for registration/approval in Form No. 10A has been extended to 30 September 2023.
Provisional registration or approval for new trusts is valid for a maximum period of three years.
The deadline for furnishing Form No. 10BD (statement of donation) and Form No. 10BE (certificate of donation) for donations received in the financial year 2022-23 has been extended to 30 June 2023.
Provisional registration or approval is effective from the assessment year relevant to the previous year in which the application is made and is valid for three assessment years.
Yes, revised audit reports in Form No. 10B and Form No. 10BB have been notified. Form 10B is required if total income exceeds Rs five crores, foreign contributions are received, or income is applied outside India; otherwise, Form 10BB is used. Electronic modes for payments in these forms now include account payee cheques and bank drafts.
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