Trusts registration with IT before May 30 : Official

Chennai, May 16 (UNI) Chennai Chief Income Tax Commissioner C R Ravichandran today said the last date for submitting application for registration of charitable or religious trust or institution in and around the city under section 12 A of the Income Tax Act was May 30.

He told mediapersons the trust or institution should make an application with a prescribed form within one year of its establishment.

The Finance Act 2007 had removed the requirement of filling the application within one year of the establishment of the trust or institution.

It had also removed the power vested with the Commissioner for condonation of delay by stipulating that for any application made on or after the June 1 next, the registration will be granted from the financial year in which the application was made.

Therefore to avail the benifit of condonation of delay for earlier years, any trust or institution which had not filed its application within one year of its establishment might do the same before June 1.

Applications filed on or after June 1 will entitle the applicant to claim exemption of income from the financial year in which the application is made and not for earlier years.

Income Tax (Exemption) Director Prema Malini Vasan said there were about 7,000 trusts in and around Chennai and Vellore district.

UNI