Registration: June 1 deadline for charitable trusts
May, 17th 2007
The Central Board of Direct Taxes (CBDT) has urged religious and charitable trusts and institutions that have not filed their application for registration with the tax department within one year of their establishment to do so before June 1.
Applications filed on or after June 1 would entitle the applicant to claim exemption of income only from the financial year in which the application is made and not for earlier years, Mr A.J. Majumdar, Member, CBDT, told reporters here. The Finance Act 2007 has removed the requirement of filing the application within one year of the creation of establishment of the trust or institution.
It had also removed the power vested with the Commissioner for condonation of delay by stipulating that for any application made on or after June 1 registration will be granted from the financial year in which the application is made.