The Ministry of Finance (MoF) on October 09, 2023, issued an order under section 119 of the Income-tax Act, 1961.
The representations have been received regarding difficulties in filling in details of persons who have made a 'substantial contribution to the trust or institution', that is to say, any person whose total contribution up to the end of the relevant previous year exceeds Rs. 50,000/-.
The matter has been examined with reference to the issue raised in paragraph 2 and it is hereby stated that for the purposes of providing details in (i) Form No. 10B in the Annexure, in row 41; and (ii) Form No. 10BB in the Annexure, in row 28, for the assessment year 2023-24:
(a) the aforesaid details may be given with respect to those persons whose total contribution during the previous year exceeds fifty thousand rupees;
(b) details of relatives of such person, as referred to in (a) above may be provided, if available.
(c) details of concerns in which such person, as referred to in (a) above, has substantial interest may be provided, if available.
[Notification No. 370142/4212023-TPL]
