Application for approval of registration for claiming exemption u/s 10(23C))(iv)/(v)/(vi)/(via) - [ From 01.04.2021 to 30.09.2024 ] - Income Tax - Ready Reckoner - Income Tax

Time limit for making approval u/s 10(23C)(iv)/(v)/(vi)/(via) w.e.f. 01.04.2021 [ From 01.04.2021 to 30.09.2024 ] Read with Rule 2C Application for Approval Grant of Approval Time limit for making application [ First Proviso of section 10(23C) ] [ Before 01.010.2024 inserted vide Finance (No. 2) Act, 2024 ] Time period within which order of approval should be passed [Second proviso to section 10(23C) ] [ Before 01.010.2024 inserted vide Finance (No. 2) Act, 2024 ] Assessment Year from which approval shall apply Clause (i) I. Existing Entities already registered Application in new Form 10A PCIT/CIT on receipt of application, shall pass an order in writing registering the trust or institution for a period of 5 years . with in 3 Months from the 01.04.2021. with in 3 Months from the end of month in which application was received From the AY for which trust earlier granted registration II. Renewal of approval which was granted for 5 years for entities registered u/s 10(23C) Application in new Form 10AB PCIT/CIT on receipt of application, shall pass an order in writing registering the trust or institution for a period of 5 years . (With Inquires) at least 6 Months prior of expiry of registration or approval at least 6 Months from the end of month in which application was received From the AY relevant to the FY in which application is made. III. New Entities applying for Fresh registration u/s 10(23C) Application in new Form 10A PCIT/CIT on receipt of application, shall pass an order in writing registering the trust or institution for a period of 3 years . at least 1 Month prior to the commencement of PY relevant to AY for which registration is sought at least 1 Month from the end of month in which application was received From the AY relevant to the FY in which application is made. IV. Regular approval after grant of provisional approval for final registration Application in new Form 10AB PCIT/CIT on receipt of application, shall pass an order in writing registering the trust or institution for a period of 5 years . (With Inquires) at least 6 Months prior to expiry of approval or 6 Months from the commencement of activity, Whichever is higher at least 6 Months from the end of month in which application was received From the first of the AY s for which it was provisionally registered. Condition for Approval [Amended by FA, 2023 ] where activities of the fund or trust or institution or university or other educational institution or hospital or other medical institution have - (A) not commenced, at least 1 month prior to the commencement of the previous year relevant to the assessment year from which the said approval is sought; (B) commenced and no income or part thereof of the said fund or trust or institution or university or other educational institution or hospital or other medical institution has been excluded from the total income on account of applicability of section 10(23C)(iv)/(v)/(vi)/(via) or section 11 or section 12 for any previous year ending on or before the date of such application, at any time after the commencement of such activities. *With Inquires (i) Call for such documents or information from the trust or institution or make such inquiries as he thinks necessary in order to satisfy himself about The genuineness of activities of trust or institution; and The compliance of such requirements of any other law for the time being in force by the trust or institution as are material for the purpose of achieving its objects; and (ii) After satisfying himself about the objects of the trust or institution and the genuineness of its activities under item (a) of clause (i) and compliance requirements under item (b) of clause (i). (iii) If he is not satisfied, pass and order in writing for [ Amendment by FA, 2023 ] in case II and IV rejecting such application and also cancelling its approval; in case of clause B of conditions of approval rejecting such application, after affording it a reasonable opportunity of being heard. For Application of money following proviso added by amendment made in FA, 2013 For amount invested or deposited back - Provided also that the amount invested or deposited back shall not be treated as application for charitable or religious purposes under the first proviso unless such investment or deposit is made within a period of five years from the end of the previous year in which such application was made from the corpus. For repayment of loan amount - Provided also that the amount repaid shall not be treated as application for charitable or religious purposes under the first proviso unless such repayment is made within a period of five years from the end of the previous year in which such application was made from loan or borrowing.