MOF has deferred New procedure for registration, approval, etc.. of certain entities

In view of the unprecedented humanitarian and economic crisis, the CBDT has decided that the implementation of a new procedure for approval/ registration/notification of some entities will be deferred until 01st October 2020.

Accordingly, the institutions are approved/registered/notified under section Under the 10(23C), 12AA, 35, and the 80G Income-Tax Act, 1961 (Act), information must be filed within three months from October 1, 2010, that is, by December 31, 2020. In addition, the revised procedure for approval/registration/notification of new facilities will also be applicable from 01 October 2020.

The necessary legislative amendments in this regard shall be proposed in due course.

Various representations were received in the finance ministry expressing concerns over the implementation of the new procedure from 01st June 2020 due to the outbreak of novel coronavirus (COVID-19) and consequent lockdown. There have been a number of requests to defer the applicability
of the new procedure.

It may be noted that The Finance Act, 2020 rationalized the procedure relating to approval/ registration/ notification of certain entities referred to in sections 10(23C), 12AA, 35, and 80G of the Act, with effect from 01st June 2020.

As per the new procedure, the entities already approved/ registered/ notified under these sections would be required to file intimation within three months, i.e, by 31st August 2020. Further, the procedure for approval/ registration/ notification of new entities has also been rationalized with effect from 01st June 2020.

Recommended Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Subscribe to our mailing list for Latest updates to your email inbox.

Thank you for subscribing. In case after Subscription, you have not received mail, then please check your Spam Folder.

Something went wrong.