Quick Summary
The Income Tax Department has notified that Form 10 now available for filing on Income Tax Portal, which was earlier notified via Notification No. 96/2022 issued in August 2022. Form 10 This form is a Statement to be furnished to the Assessing Officer/Prescribed Authority under clause (a) of the Explanation 3 to the third proviso to clause (23C) of section 10 or under clause (a) of sub-section (2) of section 11 of the Income-tax Act, 1961. This form is required to be filed to give i
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FAQ :
Form 10 is a statement that trusts must furnish to the Assessing Officer or Prescribed Authority, providing information about amounts accumulated or set apart and how they have been invested or utilised under the Income-tax Act, 1961.
Form 10 can now be filed on the Income Tax Portal.
Form 10 relates to clause (a) of the Explanation 3 to the third proviso to clause (23C) of section 10, and clause (a) of sub-section (2) of section 11 of the Income-tax Act, 1961.
You need to provide information on the amount accumulated or set apart, how it has been invested or deposited, and the amount that has been utilised according to the Act.
If the amount is not utilised as per the requirements of the Act, it is deemed to be the income of the trust and will likely be subject to tax.
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