Check List for Application for Approval of Electoral Trust under Section 2(22AAA)

Excel for Chartered Accountants

SEBI: Illustrative Format of Assets and Liabilities in SEBI (ICDR) Regulations 2009

Read More ...

SEBI: Further Simplification of Dmat Account opening process

Read More ...

SEBI: Justice Sodhi Committee on Insider Trading Regulation submit report

F. No. 173/158/2013-ITA.I
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, the 10th December, 2013

All Chief Commissioners of Income Tax / Director General of Income Tax (Exemption)

Sub: Clarification with regard to applicability of section 182(3) of the Companies Act, 2013.

Sir/Madam

Under clause (22AAA) of section 2 of the Income-tax Act, 1961(`Ace), Board is empowered to approve an 'Electoral Trust' for the benefit of Sec 13B. The relevant provisions, i.e. section 2(22AAA) and section 13 B of the Act were inserted vide Finance (No.2) Act, 2009, w.e.f. 1.04.2010. Subsequently, the Electoral Trusts Scheme, 2013 ('Scheme') was notified by the Central Government vide notification no. 9/2013 dated 31.01.2013 and rule 17CA was also inserted in the Income tax Rules, 1962 (Rules') by the IT (First Amdt.) Rules, 2013 w.e.f. 31.1.2013.

2. Vide communication dated 10.12.2013 hosted on the website vvww.incometaxinciia.gov.in , entities seeking approval under section 2(22AAA) have been advised to file along with the application in Form A, the duly filled in and signed check-list accompanied with documents required therein, before the Commissioner of Income Tax/Director of Income Tax under whose jurisdiction their cases fall on or before the prescribed date.

3. In terms of clause 5(1)(g) of the Scheme, the jurisdictional CIT/DIT are required to furnish a report to member(IT), CBDT for grant of approval or rejection of the application. I am directed to state that while furnishing their comments, the CIT/DIT must verify each and every point incorporated in the check-list, as filed by the assessee along with its application, and ensure that all the document desired in the check-list have been furnished by the applicant and are satisfactory. A specific comment in this regard must be included in the report to be send to Member(IT), CBDT. Since the CBDT has to pass an order of approval or rejection within six months of the receipt of application in the office of Member(1T), CBDT, the jurisdictional CIT/DIT is instructed to send his report complete in all respect and containing specific comments on each points of the check-list, within 45 days of receipt of application in his office.

4. The above may kindly be brought to the notice of all officers concerned for strict compliance. A hard copy of the check-list is being enclosed for ready reference.

Encl: As above

(Deepahikha Sharma)
Deputy Secretary to the Government of India

Download Copy of Checklist in MS Excel >>