The Central Board of Direct Tax (CBDT) on May 24, 2023, issued a few clarifications with respect to various provisions related to charitable and religious trusts following amendments made by the Finance Act 2023. The Board has clarified that exemption shall not be denied to trust if the statement of accumulation is not filed by the due date and is furnished on or before the due date of furnishing the return.
The following has been clarified-
•Clarification regarding provisions relating to charitable and religious trusts.
•Clarification regarding the application of section 115TD for failure to apply to registration/approval.
•Extension of due date for furnishing of Form No. 10 BD.
•Clarification regarding the applicability of provisional registration.
•Clarification regarding denial of exemption in case where the statement of accumulation is not filed by the due date.
•Clarification regarding the audit report to be furnished in Form No. 10B.
[Notification No. 370 I 33/06/2023-TPL]
