NEW PROVISIONS RELATING TO REGISTRATION/APPROVAL OF TRUSTS / INSTITUTIONS/FUND(TIF) W.E.F 01/04/2021


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NEW PROVISIONS RELATING TO REGISTRATION/APPROVAL OF TRUSTS / INSTITUTIONS/FUND(TIF) W.E.F 01/04/2021
Category: Charitable Institutions, Posted on: 18/04/2021 , Posted By: Mahendra K. Satya & Co.

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Provisions relating to the trust/institution/fund which are already registered/approved under the old provisions are summarized as follows:

Sno.	Particulars	Section 12AB (Rule 17A)	Section 10(23C) (Rule 2C)	Section 80G (Rule 11AA)
1	Time limit within which application has to be made	Within 3 months from 1st April 2021 (i.e. 30^th June 2021)
2	Form to be filled	Form 10A to be filed online
3	Time limit within which application is to be disposed off	Within 3 months from the end of the month in which the application was received by concerned Authority.
4	Period of validity of Registration/Approval	Such registration shall be valid for 5 years from 01.04.2021.
5	Year from which Registration/Approval is Applicable/ Effective	Registration/Approval will be effective from AY from which the registration was originally granted.
6	Documents Required:	1.Self-certified copy of instrument/document/registration relating to creation of institution. 2.Copy of registration under FCRA if any 3.Self-certified copy of existing order granting registration/approval u/s 12A/10(23C)/80G 4.Self-certified copy of order of rejection of application for grant of registration u/s 12A/10(23C)/80G 5.Self-certified copies of the annual accounts from year of inception (not been more than 3 years) 6.Note on the activities of the applicant(preferably along with supporting documents)
7	Grant of Registration/ approval	Registration/approval shall be made in Form No.10AC and a sixteen digit alphanumeric Unique Registration Number (URN) will be issued
8	Verification by Concerned Authority while granting registration/approval	If, at any point of time, it is noticed that Form No. 10A has not been duly filled in by not providing, fully or partly, or by providing false or incorrect information or documents. PCIT/CIT after giving an opportunity of being heard, may cancel the registration in Form No. 10AC and Unique Registration Number shall be deemed to have never been granted or issued.
9	Verification	Form shall be verified by the person who is authorized to verify the return of income through digital signature/ electronic verification code

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This document is prepared by research team of our firm to provide basic knowledge of law relating to charitable institutions.
For detailed insight and for better understanding of various provisions of the said law the said presentation should be read along with related provision of the Income Tax Act,1961 and Income Tax Rules 1962.
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