26 March 2024
Hi, we are running a Trust and our annual receipt is nearly 70 thousand to 1 lacs, we have also applied for 12A & 80G provisional registration in this March 24. further my query is do we required to file online called Form 10B or 10BB as shown on Income Tax portal for which last date is 31st March 24. Further also help me to know in how many days this 12A & 80 G application will be proceeds or approved. Thanking you
11 July 2024
If your trust has applied for provisional registration under sections 12A and 80G of the Income Tax Act, 1961, here are some clarifications and steps you may need to consider:
1. **Form 10B and Form 10BB**: - Form 10B: This form is used for filing the audit report under section 12A(b) of the Income Tax Act, which applies to trusts seeking registration under section 12A. Since you have applied for provisional registration, you are not yet registered under section 12A, and therefore, Form 10B is not applicable at this stage. - Form 10BB: This form is required to be furnished by trusts claiming exemption under sections 11 and 12 of the Income Tax Act. Since you have applied for 12A and 80G registration, and you are not yet registered, Form 10BB is also not applicable right now.
2. **Approval Timeline for 12A & 80G**: - The approval process for 12A and 80G registration can vary. Typically, after applying for provisional registration, the Income Tax Department may take a few months to process and approve the application. The exact timeline can depend on various factors such as the completeness of your application, verification processes by the department, and workload. - Unfortunately, there is no fixed timeframe specified in the law for the approval of such registrations. However, it is not uncommon for the process to take several months from the date of application.
3. **Filing Deadline**: - If you have applied for provisional registration in March 2024, and if Form 10B and Form 10BB are not applicable at this stage (since you are not yet registered under 12A or 80G), you do not need to file these forms by the 31st of March, 2024. These forms are typically required to be filed once you are registered and start claiming exemptions under sections 11 and 12.
4. **Next Steps**: - Ensure that your application for 12A and 80G registration is complete with all required documents and information. - Follow up with the Income Tax Department through your authorized representative or consultant who filed the application to inquire about the status of your application after a reasonable period. - Once you receive provisional registration, comply with any further requirements or filings as per the conditions specified by the department.
It is advisable to consult with a qualified Chartered Accountant or tax consultant who can provide personalized guidance based on the specific details of your trust and application status. They can also assist in ensuring compliance with all necessary requirements and timelines.
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