Form 10

To lessen your income tax obligations, Indian government offers few exclusions. Income-tax Act, 1961's Section 10 discusses these exemption rules as well as prerequisites for obtaining tax exemption. Here's additional information about it.

What Is Form 10?

Certain sources of income are excluded from total income when determining individual's tax burden. All of exemptions that taxpayer is eligible for while paying income tax are listed in Section 10 of Income Tax Act of 1961.
 

Who Needs To File Form 10?

In India, any trust or institution that is benevolent or religious may submit Form 10 for:

• Pursuing income tax exemption under Income Tax Act's Sections 10(23C), 11 & 12AA.
• Accumulate or set aside money, within constraints imposed by Income Tax Act, for future religious or charitable endeavors.
   

What Information Is Included In Form 10?

You would be required to fill out Form 10 with following information:

• Trust or institution's details, such as its name, address, PAN, registration number, & year of establishment.
• Name section of Section 10(23C)(a), 11(2)(a), or 11(2)(a) read with 10(21) under which Form is being provided.
• Reason(s) behind accumulation or reserve of funds.
• Amount accumulated -Amount of accumulation or designated period
• Amount of money that has been saved or set aside; -Amount applied up to previous year; -Year of accumulation; - reason for which sum is set aside or accumulated.
   

How To File Form 10?

For online filing of form 10 of income tax, adhere to following steps:

Step 1: Open e-filing portal & log in.
Step 2: Select "e-File" > "Income tax forms" > "File Income Tax Forms" from dashboard.
Step 3: Choose Form 10 by scrolling down. You can also type Form 10 into search bar. To continue, click "File now" option.
Step 4: Choose Assessment Year that return is being filed for. For instance, choose AY 2024–25 if you are reporting taxes on income received in FY 2023–2024. 
Step 5: Select 'Let's Get Started' after confirming papers needed to submit form.
Step 6: Complete necessary information, select "Preview," & then select "Save."
Step 7: Click "Proceed" to e-verify after examining all data. One of following methods can be used for e-verification: Aadhaar OTP -Digital Signature Certificate (DSC) -Electronic Verification Code (EVC).
Click "continue" after entering OTP, & Form 10 will be filed.
To download Form 10 in PDF format, click this link.

What Is Duedate For Filing Form 10?

Form 10 of income tax must be filed at least two months prior to deadline for submitting income tax return, as per Section 11 of Income Tax Act. Circular No. 6/2023, dated May 24, 2023, provides clarification that Form 10 submitted prior to income tax return filing deadline would also be accepted.

What Are Consequences Of Not Filing Form 10?

Failure to file form 10 of income tax under Indian taxation law can result in serious consequences. Taxpayers may lose eligibility to claim certain exemptions or deductions, which can lead to higher taxable income & increased tax liability. Additionally, non-filing may attract penalties & interest for non-compliance, potentially leading to further scrutiny by tax authorities. organization or individual could also face legal actions, making it crucial to comply with filing requirements to avoid these repercussions.

Conclusion

Form 10 of income tax is crucial document in Indian taxation for financial disclosure, often required by Securities & Exchange Commission (SEC). It serves as registration statement for companies going public, similar to SEC filings in U.S. This disclosure document includes details about company's financials, business operations, & governance, akin to annual report. Compliance with form 10 of income tax act ensures transparency in public offerings under Securities Act, facilitating informed investment decisions & maintaining regulatory standards in Indian taxation system.