Form 10
5paisa Research Team
Last Updated: 02 Jul, 2024 05:39 PM IST
Want to start your Investment Journey?
Content
- What Is Form 10?
- Who Needs To File Form 10?
- What Information Is Included In Form 10?
- How To File Form 10?
- What Is Duedate For Filing Form 10?
- What Are Consequences Of Not Filing Form 10?
- Conclusion
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.
More About Tax
- Section 115BAA-Overview
- Section 16
- Section 194P
- Section 197
- Section 10
- Form 10
- Section 194K
- Section 195
- Section 194S
- Section 194R
- Section 194Q
- Section 80M
- Section 80JJAA
- Section 80GGB
- Section 44AD
- Form 12C
- Form 10-IC
- Form 10BE
- Form 10BD
- Form 10A
- Form 10B
- All About Income Tax Clearance Certificate
- Section 206C
- Section 206AA
- Section 194O
- Section 194DA
- Section 194B
- Section 194A
- Section 80DD
- Municipal Bonds
- Form 20A
- Form 10BB
- Section 80QQB
- Section 80P
- Section 80IA
- Section 80EEB
- Section 44AE
- GSTR 5A
- GSTR-5
- GSTR 11
- GST ITC 04 Form
- Form CMP-08
- GSTR 10
- GSTR 9A
- GSTR 8
- GSTR 7
- GSTR 6
- GSTR 4
- GSTR 9
- GSTR 3B
- GSTR 1
- Section 80TTB
- Section 80E
- Section 80D Of Income Tax Act
- Form 27EQ
- Form 24Q
- Form 10IE
- Section 10(10D)
- Form 3CEB
- Section 44AB
- Form 3CA
- ITR 4
- ITR 3
- Form 12BB
- Form 3CB
- Form 27A
- Section 194M
- Form 27Q
- Form 16B
- Form 16A
- Section 194LA
- Section 80GGC
- Section 80GGA
- Form 26QC
- Form 16C
- Section 1941B
- Section 194IA
- Section 194D
- Section 192A
- Section 192
- Supply without consideration under GST
- List of Goods & Services Exempt Under GST
- How to Pay GST Online?
- GST Impact on Mutual Funds
- Documents Required for GST Registration
- How to Deposit Self Assessment Tax Online?
- How to Get Income Tax Return Copy Online?
- How can traders avoid income tax Notices?
- Income Tax Return Filing For Futures And Options
- Income Tax Return (ITR) for Mutual Funds
- What Are Tax Benefits on Gold Loan
- Payroll Tax
- Income Tax for Freelancers
- Tax Saving Tips for Entrepreneurs
- Tax Base
- 5 Heads of Income Tax
- Income Tax Exemptions for Salaried Employees
- How to Deal with Income Tax Notice
- Income Tax For Beginners
- How to save tax in India
- What Taxes Has GST Replaced?
- How to Register for GST India Online
- How to File GST Returns for Multiple GSTINs
- Suspension of GST registration
- GST vs Income Tax
- What Is HSN Code
- GST Composition Scheme
- History of GST in India
- Difference Between GST and VAT
- What is Nil ITR Filing and How to File It?
- How to File ITR for Freelancer
- 10 Tips for First-time Taxpayers While Filing for ITR
- Tax Saving Options Other Than Section 80C
- Tax Benefits of Loans in India
- Tax Benefit on Home Loan
- Last minute Tax Filing Tips
- Income Tax Slab for Women
- Tax Deducted at Source (TDS) under Goods and Service Tax
- GST Interstate vs GST Intrastate
- What is GSTIN?
- What is Amnesty Scheme for GST
- Eligibility for GST
- What is Tax Loss Harvesting? An Overview
- Progressive Tax
- Tax Write Off
- Consumption Tax
- How to Pay Off Debt Faster
- What is Withholding Tax?
- Tax Avoidance
- What is Marginal Tax Rate?
- Tax to GDP Ratio
- What is Non Tax Revenue?
- Tax Benefits From Equity Investment
- What is Form 61A?
- What is Form 49B?
- What is Form 26Q?
- What is Form 15CB?
- What is Form 15CA?
- What is Form 10F?
- What is Form 10E in Income Tax?
- What is Form 10BA?
- What is Form 3CD?
- Wealth tax
- Input Tax Credit (ITC) under GST
- SGST – State Goods and Service Tax
- What are Payroll Taxes?
- ITR 1 vs ITR 2
- 15h Form
- Excise Duty on Petrol and Diesel
- GST on Rent
- Late Fees and Interest on GST Return
- Corporate Tax
- Depreciation under Income Tax Act
- Reverse Charge Mechanism (RCM)
- General Anti-Avoidance Rule (GAAR)
- Difference Between Tax Evasion and Tax Avoidance
- Excise Duty
- CGST - Central Goods and Services Tax
- Tax Evasion
- Residential Status Under the Income Tax Act
- 80EEA Income Tax
- GST on Cement
- What is Patta Chitta
- Payment of Gratuity Act 1972
- Integrated Goods and Services Tax (IGST)
- What Is TCS Tax?
- What Is Dearness Allowance?
- What Is TAN?
- What Are TDS Traces?
- Income Tax for NRI
- ITR Filing Last Date FY 2022-23 (AY 2023-24)
- Difference Between TDS and TCS
- Difference Between Direct Tax vs Indirect Tax
- GST Refund Process
- GST Invoice
- GST compliance
- Income Tax Rebate under Section 87A
- Section 44ADA
- Tax Saving FD
- Section 80CCC
- What Is Section 194I?
- GST On Restaurants
- Advantages and Disadvantages of GST
- Cess on Income Tax
- Standard Deduction Under Section 16 IA
- Capital Gain Tax on Property
- Section 186 Of the Companies Act 2013
- Section 185 Of the Companies Act 2013
- Section 115 BAC of the Income Tax Act
- GSTR 9C
- What is Memorandum of Association?
- 80ccd of Income Tax Act
- Types of Taxes in India
- GST on Gold
- GST Slab Rates 2023
- What is Leave Travel Allowance (LTA)?
- GST on Car
- Section 12A
- Self Assessment Tax
- GSTR 2B
- GSTR 2A
- GST on Mobile Phones
- Difference Between Assessment year and Financial year
- How to Check Income Tax Refund Status
- What Is Voluntary Provident Fund?
- What Is Perquisites
- What Is Conveyance Allowance?
- Section 80DDB Of Income Tax Act
- What is Agriculture Income?
- Section 80u
- Section 80gg
- 194n TDS
- What is 194c
- 50 30 20 rule
- 194h TDS
- What is Gross Salary?
- Old vs New Tax Regime
- What Is Short Term Capital Gains Tax?
- What Is 80TTA Deduction?
- Income Tax Slab 2023
- Form 26AS - How to Download Form 26AS
- Income Tax Slab for Senior Citizens: FY 2023-24 (AY 2024-25)
- What is a Financial Year?
- Deferred Tax
- Section 80G - Donations Eligible Under Section 80G
- Section 80EE- Income Tax Deduction for Interest on Home Loan
- Form 26QB: TDS on Sale of Property
- Section 194J - TDS for Professional or Technical Services
- Section 194H – TDS on Commission and Brokerage
- How to Check TDS Refund Status?
- Securities Transaction Tax
- How To Save Tax In India Without Investment?
- What is Indirect Tax?
- What is a Fiscal Deficit?
- What is Debt-to-Equity (D/E) Ratio?
- What is Reverse Repo Rate?
- What is Repo Rate?
- What is Professional Tax?
- What are Capital Gains?
- What is Direct Tax?
- What is Form 16?
- What is TDS? Read More
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.
Frequently Asked Questions
Yes, Maintenance charges: Expenses incurred towards maintenance charges for rented accommodation, such as society maintenance fees or charges for common fad.
Yes, form 10 of income tax act filings can be amended or updated to correct inaccuracies or include new information. Indian taxation rules permit amendments to ensure accuracy & compliance.
Exemption is allowed for least of following amounts:
1. Actual HRA received
2. 50% of [basic salary + DA] for those living in Delhi, Mumbai, Chennai, Kolkata or
3. 40% of [basic salary + DA] for those living in other cities
4. Actual rent paid (-) 10% of [basic salary + DA]
Form 10 of income tax act impacts investors & general public by ensuring that companies provide comprehensive financial disclosures & annual reports.