FORM 10, FORM 10 A

Form 10, Form 10A

Form 10

Form 10 is used to mention the income which has to be set aside while computing income tax for a particular assessment year.

This form is in accordance with Section 11(2) of the Income Tax Act, 1961 and Rule 17(2) of the Income Tax Rules.

Sec 11(2) of the Income Tax Act, 1961 says that income not utilized for charitable or religious purpose in India shall not be included in the total income of the previous year of the said person provided he furnishes a statement in the prescribed form and manner to the Assessing officer stating the purpose for which the income is being set aside or accumulated.

Rule 17(2) of the Income Tax Rules says that the statement to be furnishes to the Assessing officer or the prescribed authority under section 11 (2) of the Income Tax Act, 1961 shall be done in Form No. 10.

Form 10 consists of four parts and 2 pages.

Page 1

Part 1-The first part provides for the details of the appropriate Assessing officer or prescribed authority in whose jurisdiction the Form 10 is submitted.

  • Then it consists of a statement to be filled in the name of the person filling the form providing his full name, details of organization he belongs to and Permanent Account number stating that upon decision of the governing body of the firm a particular amount so mentioned in figures for that particular assessment year so mentioned has been set aside.
  • It then consists of a table which has the following columns:
  1. Serial Number.
  2. Purpose for which amount is being accumulated or set aside.
  3. Total value of amount set aside.
  4. Period of setting aside above mentioned amount.

 

Part 2– Is a written statement saying that the amount set aside has been invested or deposited in any one of the manners in consonance with section 11(5) of the Income Tax Act, 1961.

 

Part 3- It is a written statement showing notice that a particular organization whose name is mentioned herewith had in given a statement with regards to the assessment year for the purpose of setting apart a particular amount in consonance with section 11(2) of the Income Tax Act, 1961 in the following manner.

 

Page 2

It then consists of a table which has the following columns:

  1. Year of Accumulation.
  2. Date of filling Form 10.
  3. Value of Amount accumulated.
  4. Period for which amount is set aside.
  5. Amount applied to previous year end.
  6. Amount left for use.
  7. Amount under the ambit of section 11(3).

 

Part 4- It is a statement to be filled given required and appropriate details of certain amounts which as a result of a court order could not be set aside or accumulated. This clause is to be filled only if such court order was present giving the related details of the court case number and court order etc.

The form ends with the date, name, designation and signature of the person filling the form.

 

Screenshots of Form 10 are shown below

 

 

Form 10 A

Form 10 is used to register a charitable or religious trust or institution under the Income Tax Act, 1961.

This form is in accordance with Section 12 A (1) (aa), (ab) of the Income Tax Act, 1961 and Rule 17 A of the Income Tax Rules.

Sec 12 A (aa), (ab) of the Income Tax Act, 1961 says that the person receiving the income must be registered as a charitable or religious trust or institution by application post 1st June, 2007 according to the provisions of section 12 AA of the act.

Rule 17 A says that an application for registration of a charitable or religious trust or institution can be made with the help of Form 10 A.

Form 10 A can be filled online as well and certified by digital signature of competent authority.

The form is divided into 4 pages.

 

Page 1

  • Specifies basic details of the organization i.e. name, place, address, country and PAN number.

Page 2

  • Specifies Legal status of organization.
  • Founders details in case of Trust.
  • Details of trustees in case of Trust.
  • Purpose of the organization

 

Page 3

  • Other miscellaneous details so required to be filled

Form ends with a declaration to be made by the person filling the form declaring that all particulars of information stated in the form are true and correct to the best of his knowledge and belief.

The form ends with the date, name, designation and signature of the person filling the form.

 

Page 4

Contains a list all the documents that need to be submitted along with the form.

 

Screenshots of Form 10 A are shown below

 

Summary

Form 10 is used to mention the income which has to be set aside while computing income tax for a particular assessment year while Form 10 A is used to register a charitable or religious trust or institution under the Income Tax Act, 1961.

Visit Company Vakil for legal registration.

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