Condonation of delay in filing Form no. 10B for AY 2016-17 & 2017-18. Deadline extended to 30.09.2020 for belated applications.
F.No.197/55/2018-ITA-I
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block, New Delhi,
Dated: 27th September, 2019
Sub: Clarification on delay in filing of Form no. 10B for AY 2016-17 and AY 2017-18 -Board’s order under section 119(2) of the Income-tax Act, 1961 –reg
In supersession of this office Circular No. 10 dated 22.05.2019 on the above mentioned subject, the date mentioned in sub para (ii) of para 4 may be read as 31.03.2020 instead of 30.09.2019.
(Gulzar Ahmad Wani)
DCIT (OSD) ITA-I
Condonation of delay in filing of Form no. 10B for years prior to AY 2018- 19 allowed for belated returns
CIRCULAR No. 10/2019
F.No. 197/55/20 18-ITA-I
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block, New Delhi the 22nd May, 2019
Under the provisions of section 12A of Income-tax Act, 1961 (hereafter ‘Act’) where the total income of a trust institution as computed under the Act without giving effect to the provisions of section 11 and section 12 exceeds the maximum amount which is not chargeable to income-Lax in any previous year, the accounts of the trust or institution for that year have to be audited by an accountant as defined in the Explanation below sub section (2) of abcaus.in section 288 and the person in receipt of the income is required to furnish along with the return of income for the relevant assessment year the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed.
2. As per Rule 17B of the Income-tax Rules, 1962 (hereafter ‘Rules’ the audit report of the accounts of such a trust or institution is to be furnished in Form no. 10B. As per Rule 12(2) of the Rules, abcaus.in such audit report is to be furnished electronically. The failure to furnish such report in the prescribed form along with the return of income results in disentitlement of the trust from claiming exemption under sections 11 and 12 of the Act.
3. Representations have been received by the Board/field authorities stating that Form no. 10B could not be filed along with the return of income for AY 2016-17 and AY 2017-18. It has been requested that the delay in filing of Form no. 10B may be condoned. Previously, vide instruction in F. No. 267/482/77-IT(part) dated 09.02.1978, the CBDT had authorized the ITO to accept a belated audit report after recording reasons in cases where some delay has occurred for reasons beyond the control of the assessee.
4. Accordingly , in supersession of earlier Circular / Instruction issued in this regard, and with a view to expedite the disposal of applications filed by such trusts or institutions for condoning the delay in filing Form 10B and in exercise of the powers conferred under section 119(2) of the Act, the Central Board of Direct Taxes hereby directs that:
(i) The delay in filing of Form 10B for AY 2016-17 and AY 2017-18, in all such cases where the Audit Report for the previous year has been obtained before the filing of return of income and has been furnished subsequent to the filing of the return of income but before the date specified under section 139 of the Act is condoned.
(ii) In all other cases of belated applications in filing Form no. 10B for years prior to AY 2018-19, the Commissioners of Income-tax are authorized to admit such applications for condonation of delay u/s 119(2)(b) of the Act. The Commissioners will while entertaining such belated applications in filing Form no. 10B shall satisfy themselves that the assessee was prevented abcaus.in by reasonable cause from filing such application within the stipulated time. Further, all such applications shall be disposed off by 30.09.2019.
(Rajarajeswari R.)
Under Secretary to the Government of India
Assessing Officer had taken a reasonable stand that 25 kg written in WhatsApp chat/text message was 25 lakh - ITAT…
Shareholders are only owners of the shares of the company therefore, income from properties earned by the company cannot be…
When approval for reassessment was granted by unauthorised authority, such jurisdictional error cannot be shielded by the law of limitation…
ITAT on presumption of bogus purchases ought to have remanded case to AO to reconsider the whole matter instead of…
Where proceedings u/s 153C are barred by limitation, AO can not reopen the case invoking section 148 and 148A of…
Corporate guarantees executed by the corporate debtor constitute “financial debt” under IBC and banks to be recognized as financial creditors…