The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompass multiple provisions and rules within the Income-tax Act, 1961. The notification details changes to rule 2C, rule 11AA and rule 17A of Income-tax Rules, 1962, under different sections such as section 10, section 12A, section 80G, and more. Notification further amends Form No. 10A, Form No. 10AB, Form No. 10AC, Form No. 10B and Form No. 10BB.
These changes include modifications in sub-rules, substitution of clauses, and the introduction of new forms. Noteworthy alterations can be observed in the rules pertaining to registration, approval, and activities of institutions, trusts, and funds. The effective date of these amendments is specified as the 1st of October 2023.
About Form No. 10A, Form No. 10AB, Form No. 10AC, Form No. 10B, and Form No. 10BB: These forms are used for different purposes under the Income-tax Rules, 1962.
Form No. 10A is used for application for registration of charitable or religious trusts, under section 12A and 12AA of the Income Tax Act.
Form No. 10AB is used for the application for approval of the institution or fund under section 80G(5)(vi) of the Income Tax Act.
Form No. 10AC is used for the application for approval of the institution or fund under section 80G(5)(vi) of the Income Tax Act in cases where an existing approval is already in place.
Form No. 10B is used for the audit report under section 12A(b) of the Income Tax Act, for charitable or religious trusts claiming exemption.
Form No. 10BB is used for the audit report under section 10(23C)(vi) and section 10(23C)(via) of the Income Tax Act, for scientific research associations, universities, and other educational institutions claiming exemption.
About Income Tax rule 2C, rule 11AA and rule 17A of Income-tax Rules, 1962
Rule 17A: Application for registration of charitable or religious trusts – An application u/s 12A(1)(ac) for registration of a charitable or religious trust or institution shall be made in Form 10A or Form 10AB as the case may be.
Rule 11AA: Requirements for approval of an institution or fund under section 80G
Rule 2C: Application for the purpose of grant of approval of a fund or trust or institution or university or any hospital or other medical institution under clause (i) or clause (ii) or clause (iii) or clause (iv) of first proviso to clause (23C) of Section 10 – Income-tax Rules, 1962.