CBDT defers requirement of fresh registration of trusts under section 12AB to 01.10.2020 due to Covid-19 Situation
The Finance Act 2020 had made changes in the procedure for approval/registration process of trusts, institutions, funds, university, hospital etc and approval in the case of association, university, college, institution or company etcu/s 10(23C), 12AA, 35 & 80G of Income Tax Act, 1961Â
Under the new regime, a new section 12AB is inserted under which all Institutions are required to obtain a fresh registration w.e.f. 01st June, 2020
CBDT defers requirement of fresh registration of trusts u/s 12AB
However, 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.
- No separate compensation for loss of love and affection under MV Act – SC
- Trust accredited by National Open School eligible for registration u/s 12AB & u/s 80G
- Delay in furnishing Form 10B – Covid Period to be excluded as per decision of Supreme Court
- Section 271AAB does not grant any immunity from penalty in terms of section 273B
- Engagement of ‘Young Professional’ in the office of the PCCT Bihar & Jharkhand
