Deferment of new procedure for approval/registration u/s 10(23C),12AA, 35 & 80G

Deferment of New procedure which was decided in Finance Act 2020, for approval/registration/notification of certain entities u/s 10(23C),12AA, 35 & 80G IT Act,1961:

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.

Hence, the entities already approved/ registered/ notified under section 10(23C), 12AA, 35 and 80G of the Income-tax Act, 1961 (the Act) would be required to file intimation for fresh registration under these section within three months from 1st October, 2020, i.e, by 31st December, 2020.

Further, the amended procedure for approval/ registration/ notification of new entities shall also apply with effect from 1st October, 2020.

Finance Act 2020

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 1st 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 1st June, 2020.