ITGAR solutions: Procedure for Registration u/s 12A of the Income Tax Act’1961

TRUST,SOCIETY,SECTION-8 COMPANY

Hello everyone after sharing my last article regarding "days after GST introduced in India" it's my pleasure to introduce my new article regarding that is the procedure for registration of TRUST,SOCIETY& SECTION-8 COMPANY under section 12A of the Income Tax Act 1961 and procedure.

So here we will discuss that how the trust,society & section-8 company will registered. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust.

Well there is a question, that why should we get register under Income Tax Act 1961 as per section 12A or 12AA?The answer is very simple for eligible to claim benefits under Income Tax Act 1961.

Application for 12A registration is made in form 10A it is prescribed in rule 17 of the Income-Tax rules 1962.

1:Application has to be filed with jurisdictional commissioner of income tax.

2:Documents regarding for registration?

An application in Form 10A has to be filed annexure 1.

3:Supporting documents regarding creation of Trust two copies of the accounts of the trust for not more than 3 years.

4:Society copy of registration certificate and copy of memorandum of association of society, in case of Section 8 company copy of certificate of incorporation and copy of MOA and AOA, in case of the trust copy of Trust deed .

5:The last one is pan number of respective organisation.

Now the work will be done by Commissioner for granting registration certificate under section 12A of the Income Tax Act.

On receipt of an application for registration of Trust commissioner shall called for the documents and information as he thinks fit.

After satisfying himself he shall pass an order in writing.

If he is Not satisfied he shall pass an order in writing refusing for registration of that trust but reason must be provided.

By Refusing registration shall be passed before the expiry of the six month from the end of the month in which application was received under section 12A.

As per section 12(2) if commissioner fails to pass registration certificate before the expiry of six month from the end of the month in which the application was received IT results deemed grant of registration.

And yes commissioner has power of cancellation of registration granted under section 12A.

we will discuss in our next article that in which circumstances,the possibility of rejection/cancellation of an application