In a move to mitigate the ongoing challenges faced by taxpayers, especially trusts, institutions, and funds, the Central Board of Direct Taxes (CBDT) has announced a further extension to the deadline for filing Form 10A and Form 10AB. This latest circular, numbered 07/2024, now pushes the due date to June 30, 2024. Here’s what you need to know about this extension and how it impacts you.
Why the Extension?
CBDT’s decision came after receiving multiple representations that highlighted the genuine difficulties taxpayers were experiencing under the prevailing conditions. Originally set to expire on September 30, 2023, this is not the first time the deadline has been extended, showcasing the board’s responsiveness to taxpayer hardships.
Who Benefits?
The extension is particularly beneficial for trusts, institutions, and funds that previously missed filing deadlines or faced rejections due to late submissions or incorrect section codes. It opens a new window for these entities to regularize their status without the stress of impending deadlines.
Steps to File Form 10A/10AB:
- Access the Portal: Submission of forms must be done electronically via the Income Tax e-filing portal.
- Prepare the Necessary Documents: Ensure all required documents and information are accurate. This includes details about the trust or institution and financial statements.
- Complete the Form: Fill in Form 10A or Form 10AB based on your registration needs. Double-check for any errors to avoid future complications.
- Submit Before the Deadline: With the new deadline set for June 30, 2024, ensure your forms are submitted well in advance to avoid last-minute technical issues.
What If You Previously Missed Out?
For entities that failed to meet earlier deadlines, this extension serves as a critical opportunity to apply for registration or re-registration under the stipulated categories without penalty. Additionally, entities that received provisional registrations as new entities can now revert to their existing status, if applicable.
FAQs:
Q: Where can I find Form 10A/10AB?
A: Forms are available on the CBDT’s official e-filing website.
Q: What happens if I miss this extended deadline?
A: Missing this deadline could lead to penalties or loss of certain tax exemptions. It’s crucial to comply within the given timeframe.
Q: Can I get help with filing these forms?
A: Yes, tax advisors and authorized e-filing intermediaries can assist you in preparing and submitting these forms correctly.
Conclusion
The CBDT’s extension is a welcome relief for many entities struggling with compliance deadlines. By providing ample time until June 2024, the board aims to ensure that all eligible entities can meet their tax obligations without undue hardship.