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Charitable trusts need to appeal by May 31 for tax exemption
May, 18th 2007

Religious and charitable trusts in the country have one last chance to claim exemption of tax on income of earlier years provided they file their application with the income-tax department on or before May 31, 2007.

According to the Finance Bill 2007, applications filed thereafter (ie on June 1 and after) with the department will entitle them to claim exemption of income tax from the financial year in which the application is made and not for earlier years.
 
Registration of charitable or religious trusts with the income-tax department (under Section 12 A of the Act) is a pre-condition for availing exemption of income tax under Sections 11 &12 of the I-T Act.

For obtaining such registration, the trust or institution has to make an application in Form 10A to the commissioner of income tax within a year from the date of its creation.

Where such an application is made after the expiry of one year, the commissioner may forgive such a delay, if he is satisfied with the reason/s given for such a delay.

In such a case, exemption under Sections 11 & 12 is available from the date of creation or establishment of the trust or institution.

Where the commissioner denies such condoning, the benefit will be available only from the financial year in which the application for registration is made.

Briefing the press here Wednesday, income-tax commissioner, Jamshedpur, K Sarkar, said the Finance Act 2007 has removed the requirement of filing the application within the year after the creation of the trust.

The Act has also removed the power vested with the commissioner for forgiving such a delay by stipulating that for any application made on or after June 1, 2007, registration would be granted only from the financial year in which the application is made.

Trusts registered with the I-T department do not have to pay income tax on their annual income.

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