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, 1961
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
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.
Refusing to condone delay can result in a meritorious matter thrown out at very threshold against case being decided on…
When prior period expenses are not admissible as deduction, following the same principle the prior period income also cannot be…
Supreme Court condoned delay of 972 days in filing appeal due to restructuring in Income Tax Department In a recent…
Addition can not be made relying on the valuation report of property when the stamp duty valuation is also available…
Wrong claim of deduction u/s 54F/54B was not a case of concealment of particulars of income or furnishing inaccurate particulars…
CBIC notifies GST rates and value of taxable supply for Biris, Pan Masala / tobacco products Ministry of Finance(Department of…