DELAY IN FILING FORM 10AB

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JITHESHKUMAR OT (Querist)
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08 April 2024 For the Asst.year 2022 23 my Trust is having provisional registration u/s 12A but not able to regularise by filing 10AB. Due to ignorance the provisional certificate were treated as the final. what to do for claiming exemption from the Asst. Year 2022 23. Please advice. The trust was having 12a registration since 2012.

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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06 July 2024 If your trust is facing issues due to not regularizing the provisional registration under section 12A by filing Form 10AB, here are the steps you can take to claim exemption for the Assessment Year 2022-23:

1. **File Form 10AB**: The first and most crucial step is to file Form 10AB to regularize your trust's registration under section 12A. This form needs to be filed electronically on the Income Tax e-filing portal. Make sure all required details and documents are correctly filled and attached.

2. **Pay Taxes (if applicable)**: If there were any taxes that were supposed to be paid but were not due to the provisional registration status, consider consulting with a tax advisor to determine if any tax liability needs to be addressed for the period before regularizing.

3. **Submit Form for Exemption**: Once Form 10AB is successfully filed and processed, obtain the final registration certificate under section 12A. This certificate will validate your trust's status for availing exemptions under the Income Tax Act.

4. **Claim Exemption**: With the final registration certificate in hand, you can then proceed to claim exemptions applicable to your trust for the Assessment Year 2022-23. This includes filing the income tax return of the trust and providing details of income, expenses, and exemptions claimed.

5. **Rectification (if necessary)**: If any tax returns were already filed incorrectly assuming final registration status, consider filing a rectification request with the Income Tax Department to correct the status and claim the appropriate exemptions.

By following these steps, you can rectify the situation regarding the provisional registration of your trust under section 12A and ensure that you are eligible to claim exemptions for the Assessment Year 2022-23 and future years.