Draft Income-tax (..... th Amendment) Rules, 2018 published for receiving Suggestions/Comments

Oct 30, 2018 | by Avantis RegTech Legal Research Team


Currently under Income-tax Act, 1961, for grant of approval for exemption of income received by any person on behalf of any other fund or institution established for charitable purposes, any trust (including any other legal obligation) or institution wholly for public religious purposes or wholly for public religious and charitable purposes, Rule 2C of the Income-tax Rules, 1962 provide for filing of application manually in Form No 56 to the Principal Commissioner or the Commissioner.

Similarly, for grant of approval for exemption of income received by any person on behalf of any university or other educational institution existing solely for educational purposes and not for purposes of profit, and any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, Rule 2CA of the Income-tax Rules, 1962 provide for filing of application manually in Form No 56D to the Principal Commissioner or the Commissioner.

Further, Rule 11 AA of the Income-tax Rules, 1962 provide for filing of application manually in Form No 10G for grant of approval for deduction in respect of donations to any other fund or any institution to which Section 80G applies.

In view of the digital advancement that the Government in general, and the Income-tax Department in particular, have made, it is imperative that manual filing of these applications should be done away with so as to ensure not only faster processing of the same but also reduce interface between the Department and the applicant. Further, as these rules and forms were notified long ago, there is also a need to rationalise them to align with the requirements of the present times.

In view of the above, these rules and forms are proposed to be amended by way of substituting,-

(a)    Rules 2C and 2CA with a new Rule 2C and Rule 11 AA with new Rule 11 AA; and

(b)   Form No 56 and 56D with a new Form No 56 and Form No 10G with a new Form 10G.

The Draft Notification proposing the above amendments is published on the website of the Income-tax Department and it is requested from the stakeholders and general public to provide inputs electronically at the email address, [email protected], latest by November 12, 2018.

[F No 370142/14/2018-TPL]

URL: https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/736/PressRelease-Amendment-Rules-2C-2CA-11AA-Form-10G-56-56G-29-10-2018.pdf


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.