CBDT- Permits belated submission of income accumulation statements by Trusts for AY 2016-17

CBDT authorizes CITs to admit belated applications by Trusts in Forms 10 / 9A [Statement regarding accumulation or setting apart of an amount as required u/s. 11(2) / application for deemed income application for charitable / religious purposes] in respect of AY 2016-17; Takes note of representations received that Forms 10 / 9A could not be filed in specified time for AY 2016-17 which was the first year for e-filing these forms; With a view to expedite the disposal of applications filed by Trusts for condoning the delay and in exercise of powers conferred u/s. 119(2)(b), CBDT accedes to the request of condoning the delay and directs CITs to admit belated application; However, CBDT clarifies that the CITs, while entertaining such belated applications, shall satisfy themselves that the assessee was prevented by reasonable cause from filing of applications within stipulated time; Further, in respect of Form 10, CBDT further directs CITs to also satisfy themselves that the amount accumulated or set apart has been invested or deposited in any one of the modes specified in Sec. 11(5).