Section 12AB

Specified Violation under section 12AB of Income Tax Act, 1961

Income Tax - The Finance Act, 2022 substituted subsection (4) and (5) of section 12AB with a new subsection (4) which provides a list of ‘Specified Violation‘ if undertaken by the assessee registered or provisionally registered under section 12AB, the Principal Commissioner or Commissioner may cancel the registration so taken by the assess...

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New Registration Application or Renewal Process for Trusts, Societies

Income Tax - NEW REGISTRATION APPLICATION OR RENEWAL PROCESS FOR TRUSTS, SOCIETIES AND OTHER INSTITUTIONS UNDER SECTIONS 12A, 12AA, 12AB AND 80G In Union Budget 2020, Finance Ministry had proposed major amendments for granting exemptions u/s 12AA, 12AB and donation u/s 80G to trust, society or other institutions. Same were postponed due to COVID and o...

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Procedure for getting Certificate of Donation (FORM 10BE) online

Income Tax - Information required for Filing form 10BD online are as follows:-  1. Serial number 2. Pre Acknowledgement number 3. Donors ID 4. Unique Identification Number (PAN/ Aadhar card/ Passport/ Driving License) 5.  Section code – 80G, 35(1)(ii), 35(1)(iia), 35(1)(iii) 6. Unique Registration Number and date of issue 7. Name of the Donor 8....

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Analysis of Section 11 To 12AB & Rule 17A Application for Registration

Income Tax - Income Tax Questions & Answers Series Consolidated QUESTION: A Public Trust is to be created for Charitable Purposes in April,2021. The trust intends to claim benefits of Sections 11 and Section 12 from AY 2022-23. In this regard, what is the time limit for making an application for registration, time limit for granting approval by [&...

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Permanent Registration of Charitable Trust by filing Form No. 10AB

Income Tax - Relevant Section, Rule and Forms Section 12A – Conditions for applicability of sections 11 and 12. Sec 12AB – Prescribes the procedure framework for registration with the income-tax authorities to avail the exemption u/s 11 and 12.(introduced wef AY 2022-2023) Section 80G – Deduction in respect of donations to certain f...

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CAG report on Income Tax Exemptions to Charitable Trusts & Institutions

Income Tax - CAG noticed ineffective monitoring of accumulation of income and its utilization, ineffective monitoring of receipts and utilization of foreign contribution, inadequacy of survey of educational Trusts, absence of provision for disclosure of TDS in the audit report, etc....

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Representation on Issues in Registration of Charitable institutions due to order of CITs

Income Tax - BCAS representation in regard to the conditions set out in various orders of registration granted to Charitable institutions in response to applications preferred  under section 12A(1)(ac) and the first proviso to section 10(23C) of the Income Tax Act 1961. Bombay Chartered Accountants Society  Harnessing Talent and Providing Quality Se...

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Request for extension of time limit for Re-registration u/s 12AB for Charitable Trusts/NGOs

Income Tax - BJP professional cell has requested FM Smt. Nirmala Sitharaman Madam through its president CA Shailesh R. Ghedia  for extension of time limit for Re-registration under section 12AB of Income Tax Act, 1961 for Charitable Trusts/NGOs. Text of their representation is as follows:- BJP Professional Cell Date :- 05.06.2021 To Smt. Nirmala Sith...

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Improper drastic changes in Income tax provisions relating to Trusts/NGOs

Income Tax - CA Shailesh R Ghedia president of BJP Professional Cell, Mumbai has written a letter to Honorable Finance Minister, Smt. Nirmala Sitharaman and brought to her attention improper Drastic changes made in Income tax provisions relating to Charitable and Religious Trusts (Trusts/NGOs. He highlighted provisions relating to putting severe restr...

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ITAT explains Cancellation of section 12AA registration post amendment by Finance Act, 2021

S.R.Trust Vs PCIT (Madras High Court) - S.R.Trust Vs PCIT (Madras High Court) ITAT held that procedure of cancellation of the registration already enjoyed either under 12A regime or 12AA regime in the case of the petitioner, in view of the new regime having been introduced, shall take place only after disposing the application made by the...

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PCIT/CIT cannot impose any conditions for grant of Section 12AB(1)(a) registration

Saifee Burhani Upliftment Trust Vs CIT (Exemptions) (ITAT Mumbai) - Saifee Burhani Upliftment Trust Vs CIT (Exemptions) (ITAT Mumbai) In the present case, it has not been disputed that the assessee trust was duly registered under section 12AA of the Act. Thus, the only provision applicable to the assessee trust for the purpose of applying for registration is section...

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Section 12A: Cancellation of trust registration with retrospective effect is invalid

Wholesale Cloth Merchant Association Vs PCIT (ITAT Jaipur) - Wholesale Cloth Merchant Association Vs PCIT (ITAT Jaipur) We are of the opinion that in the present case the ld. Pr. CIT(C) has found or made allegation or objection of diversion or mis appropriations of funds and not filling the Audit report and ITR, if any only in A.Y. 2014-15 to 2016-17 & no...

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Clarification regarding Form No 10AC issued till the date of this Circular

Circular No. 11 of 2022-Income Tax - (03/06/2022) - PCIT or CIT can examine if there is any specified violation by the trust or institution registered or provisionally registered under relevant clauses of sub-section (1) of section 12AB or sub¬section (1) of section 12AA....

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CBDT notifies New Income Tax Rules & Forms for Trust & NPOs

Notification No. 19/2021-Income Tax/G.S.R. 212(E). - (26/03/2021) - CBDT issues Notification no. 19/2021 dated 26/03/2021 pertaining to procedure for registration of fund/ trust/charitable institutions etc. All institutions, funds etc covered under clause (i) and (iv) of first proviso to section 10(23C), fifth proviso to section 35(1), clause (i) and (iv) of first p...

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Recent Posts in "Section 12AB"

CAG report on Income Tax Exemptions to Charitable Trusts & Institutions

CAG noticed ineffective monitoring of accumulation of income and its utilization, ineffective monitoring of receipts and utilization of foreign contribution, inadequacy of survey of educational Trusts, absence of provision for disclosure of TDS in the audit report, etc....

Read More
Posted Under: Income Tax |

Specified Violation under section 12AB of Income Tax Act, 1961

The Finance Act, 2022 substituted subsection (4) and (5) of section 12AB with a new subsection (4) which provides a list of ‘Specified Violation‘ if undertaken by the assessee registered or provisionally registered under section 12AB, the Principal Commissioner or Commissioner may cancel the registration so taken by the assess...

Read More
Posted Under: Income Tax |

Clarification regarding Form No 10AC issued till the date of this Circular

Circular No. 11 of 2022-Income Tax 03/06/2022

PCIT or CIT can examine if there is any specified violation by the trust or institution registered or provisionally registered under relevant clauses of sub-section (1) of section 12AB or sub¬section (1) of section 12AA....

Read More

New Registration Application or Renewal Process for Trusts, Societies

NEW REGISTRATION APPLICATION OR RENEWAL PROCESS FOR TRUSTS, SOCIETIES AND OTHER INSTITUTIONS UNDER SECTIONS 12A, 12AA, 12AB AND 80G In Union Budget 2020, Finance Ministry had proposed major amendments for granting exemptions u/s 12AA, 12AB and donation u/s 80G to trust, society or other institutions. Same were postponed due to COVID and o...

Read More
Posted Under: Income Tax |

Procedure for getting Certificate of Donation (FORM 10BE) online

Information required for Filing form 10BD online are as follows:-  1. Serial number 2. Pre Acknowledgement number 3. Donors ID 4. Unique Identification Number (PAN/ Aadhar card/ Passport/ Driving License) 5.  Section code – 80G, 35(1)(ii), 35(1)(iia), 35(1)(iii) 6. Unique Registration Number and date of issue 7. Name of the Donor 8....

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Posted Under: Income Tax |

ITAT explains Cancellation of section 12AA registration post amendment by Finance Act, 2021

S.R.Trust Vs PCIT (Madras High Court)

S.R.Trust Vs PCIT (Madras High Court) ITAT held that procedure of cancellation of the registration already enjoyed either under 12A regime or 12AA regime in the case of the petitioner, in view of the new regime having been introduced, shall take place only after disposing the application made by the trust or institution, under the [&helli...

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PCIT/CIT cannot impose any conditions for grant of Section 12AB(1)(a) registration

Saifee Burhani Upliftment Trust Vs CIT (Exemptions) (ITAT Mumbai)

Saifee Burhani Upliftment Trust Vs CIT (Exemptions) (ITAT Mumbai) In the present case, it has not been disputed that the assessee trust was duly registered under section 12AA of the Act. Thus, the only provision applicable to the assessee trust for the purpose of applying for registration is section 12A(1)(ac)(i) of the Act. Further, sect...

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Analysis of Section 11 To 12AB & Rule 17A Application for Registration

Income Tax Questions & Answers Series Consolidated QUESTION: A Public Trust is to be created for Charitable Purposes in April,2021. The trust intends to claim benefits of Sections 11 and Section 12 from AY 2022-23. In this regard, what is the time limit for making an application for registration, time limit for granting approval by [&...

Read More
Posted Under: Income Tax |

Permanent Registration of Charitable Trust by filing Form No. 10AB

Relevant Section, Rule and Forms Section 12A – Conditions for applicability of sections 11 and 12. Sec 12AB – Prescribes the procedure framework for registration with the income-tax authorities to avail the exemption u/s 11 and 12.(introduced wef AY 2022-2023) Section 80G – Deduction in respect of donations to certain f...

Read More
Posted Under: Income Tax |

New Procedure for Registration u/s 12A & 80G – Trust

New Procedure for Registration – Section 12AB with effect from 1st April, 2021 (For this purpose, CBDT has issued Notification No. 19/2021 dated 26th March 2021 which makes it mandatory for all the trusts/ societies/institutions registered under section 12A and 80G to obtain fresh registration) Sec 12A – Prescribes the conditions ...

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Posted Under: Income Tax |

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