CBDT standardizes Process for Approval/Renewal of Electoral Trust

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CBDT standardizes Process for Approval/Renewal of Electoral Trust 

 

Under clause (22AAA) of Section 2 of the Income-tax Act, 1961 Central Board of Direct Taxes is empowered to approve an ‘Electoral Trust’ for the benefit of provisions of Section 13B of the Income-tax Act, 1961.
CBDT has issued a CIRCULAR F.NO. 173/62/2022-ITA-1 to standardizes Process for Approval/Renewal of Electoral Trust Let us have a short overview of the said circular issued by the CBDT as under:
1. As per clause 5(1)(a) of the Electoral Trust Scheme, 2013, an application for approval under Section 2(22AAA) of the Act is to be made in duplicate in Form A.
2. In order to avoid procedural delay in processing these applications, the applicants are advised to also file, the duly filled in and signed check-list accompanied with documents required therein, before the Commissioner of Income Tax/Director of Income Tax.
3. The applicant shall also enclose a copy of the said checklist while sending the copy of their application to Member(IT&R), CBDT in terms of clause 5(1)(b) of Electoral Trust Scheme, 2013.

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