Form 10g - Income Tax

Form 10G is an application form used for seeking approval or continuance of approval from the Income Tax Department for an institution or fund under Section 80G(5)(vi) of the Income Tax Act, 1961. This form is essential for organizations seeking tax exemptions on donations received by them.

Any institution or fund, including trusts, registered societies, or non-profit organizations, that wish to claim tax exemptions on donations received from individuals or companies under Section 80G of the Income Tax Act, 1961, needs to file Form 10G with the Income Tax Department.

To be eligible for filing Form 10G, an institution or fund must be established for charitable or religious purposes, and its income must be applied or accumulated for such purposes only. Additionally, the institution should not engage in any commercial activity, and its funds or assets should not be utilized for the benefit of any specific individual or group of individuals.

Institutions or funds that have already been granted approval under Section 80G(5)(vi) need to file Form 10G once every three years to continue enjoying the tax exemption benefits. Newly established institutions must file Form 10G to obtain initial approval.

Along with Form 10G, institutions must submit copies of their trust deed, memorandum of association, rules and regulations, and other relevant documents that establish their charitable or religious nature. Additionally, audited accounts statements for the last three years and details of donations received during the same period may also be required.

Form 10G can be downloaded from the Income Tax Department's website or obtained from the nearest Income Tax Office. The duly filled form, along with the required documents, must be submitted to the jurisdictional Commissioner of Income Tax or Director of Income Tax (Exemptions).

If an institution or fund fails to file Form 10G or does not comply with the necessary conditions, the Income Tax Department may withdraw the approval granted under Section 80G(5)(vi). This would result in the loss of tax exemption benefits on donations received by the organization.

Currently, there is no provision for online filing of Form 10G. The form must be physically submitted to the concerned Income Tax authority along with the required documents.

The approval granted under Section 80G(5)(vi) is valid for a period of three years from the date of issue. After the expiry of this period, the institution or fund needs to file Form 10G again for continuance of the approval.

Yes, the Income Tax Department has the authority to revoke the approval granted under Section 80G(5)(vi) if it is satisfied that the institution or fund has violated any of the conditions or has ceased to exist or function solely for charitable or religious purposes.