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Charitable & Religious Trusts Allowed More Time For Registration Compliance
The CBDT (Central Board of Direct Taxes) has extended the period of re-registering charitable and religious trusts under the Finance Act 2020 to 1 October.
In the view of the unprecedented outbreak of COVID-19 that has caused a humanitarian and economic crisis, the CBDT has decided to implement a new procedure for approval/registration/notification of certain entities by deferring it by 3 months.
"In view of the unprecedented economic crisis emanating due to the COVID-19 situation, CBDT has deferred the implementation of new procedure for approval/registration/notification of certain entities u/s 10(23C),12AA, 35 & 80G of IT Act,1961 to 1st October,2020," the Tax Department said in a tweet late on Friday.
In view of the unprecedented economic crisis emanating due to the COVID-19 situation,CBDT has deferred the implementation of new procedure for approval/registration/notification of certain entities u/s 10(23C),12AA, 35 & 80G of IT Act,1961 to 1st October,2020.#IndiaFightsCorona
— Income Tax India (@IncomeTaxIndia) May 8, 2020
CBDT in a statement had said that concerns were raised over the implementation of the new procedure from 1 June amid the nationwide lockdown to curb the spread of COVID-19.
The Finance Act, 2020 rationalised the procedure relating to approval/registration/notification of these entities wherein already approved/registered/notified entities under sections 10(23C), 12AA, 35, and 80G of the Income-Tax Act, 1961 would be required to file intimation by 31 August. Further, the procedure for approval/ registration/ notification of new entities has also been rationalized with effect from 1 June 2020.
