Charitable and religious trusts--Applications for accumulation of income under section 11(2) of the I.T. Act, 1961--Condonation of delay--Regarding - Income Tax - 273/1980

Charitable and religious trusts--Applications for accumulation of income under section 11(2) of the I.T. Act, 1961--Condonation of delay--Regarding Circular No. 273 Dated 3/6/1980 To All Commissioners of Income-tax. Subject : Charitable and religious trusts--Applications for accumulation of income under section 11(2) of the I.T. Act, 1961--Condonation of delay--Regarding. Sir, Charitable and religious trusts are entitled to exemption from income-tax under section 11 of the I.T. Act, 1961, after they fulfil the requirements enumerated in sections 11 to 13. These trusts are allowed to accumulate or set apart income derived by them from property held under trust provided they fulfil the conditions spelt out in section 11(2) read with rule 17 of the I.T. Rules, 1962, and Form No. 10. 2. Very often trusts are not able to file the application in Form No. 10 within the time allowed under section 139(1)/139(2) as extended by the I.T.O. The Central Board of Direct Taxes is then approached by these trusts for condoning the delay for filing applications. The Board by virtue of the powers vested in it under section 119(2)(b) has been condoning the delay in individual cases after satisfying itself that certain conditions are satisfied. 3. With a view to expediting the disposal of applications filed by trusts for condoning the delay, the Board has passed a general order under section 119(2)(b) by which the Cs.I.T. have been authorised to admit belated applications under section 11(2) read with rule 17 of the I.T. Rules, 1962. A copy of this order is enclosed. All applications for condoning the delay under section 11(2) will henceforth be disposed of by Cs.I.T. in terms of the enclosed order. Yours faithfully, (Sd.) V.B. Srinivasan, Secretary, C.B.D.T.