New Proposed Time Schedule for Registration, Approval or Renewal of Charitable Trust with the Income Tax Department as proposed by Finance Bill – 2020 [U/s 12AB or U/s 10(23C)

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New Proposed Time Schedule for Registration, Approval or Renewal of Charitable Trust with the Income Tax Department as proposed by Finance Bill – 2020 [U/s 12AB or U/s 10(23C)

Categories of the Trust Time Schedule for Compliances
All the Charitable trusts who are already registered under the existing provisions Within 3 months of applicability of new provisions – i.e., On or before 31.08.2020
New charitable trusts applying for provisional registration under new scheme proposed by the Finance Bill  -2020 At least 1 month prior to the commencement of the previous year relevant to the assessment year from which provisional registration is sought [Under existing regime, an application can be made in the year from which exemption is sought]
For trust which has been provisionally registered as referred above in the new regime Within 6 months of commencement of its activities or at least 6 months prior to expiry of 3 years period, whichever is earlier
Where trust has been granted registration for 5 years under the new regime and the said registration is nearer to expiry At least 6 months prior to expiry of 5 years registration period
Where the trust has changed or undertaken modifications of the objects clause Within a period of 30 days from the date of the said modification

 

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