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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Venture Capital Funds Must Submit Form 56AA for Income Tax Clause 23FA Approval, Valid for Three Years</h1> Applications for approval under clause (23FA) of section 10 of the Income Tax Act must be submitted in Form No. 56AA by venture capital funds or companies to the Central Government. These applications should include documents like a trust deed or incorporation certificate, financial statements for the past three years, completed Forms 56BA and 56CA, and a SEBI registration certificate. Approval is contingent upon SEBI registration, investment limits, and maintaining audited financial records. Approval is valid for up to three assessment years and can be withdrawn for non-compliance or if SEBI registration is suspended or canceled.
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