CBDT Notifies Income-tax Amendment (Seventh Amendment) Rules, 2024; Key Changes to Forms 10A and 10AB, Effective from October 01, 2024

By: Admin
October 16, 2024
Categories: CBDT Notification | Notification and Circular
4 Min Read

The Central Board of Direct Taxes (CBDT), via Notification No. 111/2024 dated October 15, 2024, announced the Income-tax Amendment (Seventh Amendment) Rules, 2024. These changes take effect from October 1, 2024, and focus on key modifications to Forms 10A and 10AB, which are crucial for registration under sections 12A and 80G of the Income-tax Act, primarily for charitable institutions, trusts, and non-profit organizations.

Key Changes:

  1. Removal of references to certain clauses and figures in the headings of Forms 10A and 10AB.
  2. Simplified declarations focusing on the accuracy of information provided and affirmations about tax-exempt income prior to registration.
  3. Updated documentation requirements, including self-certified copies of relevant certificates and financial records, particularly for organizations in existence before their registration.

The explanatory memorandum clarifies that these changes will not adversely impact any individual or entity due to their retrospective application.

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