{"id":8289,"date":"2020-05-08T07:46:04","date_gmt":"2020-05-08T07:46:04","guid":{"rendered":"https:\/\/sunkrish.com\/?p=8289"},"modified":"2020-05-09T08:39:22","modified_gmt":"2020-05-09T08:39:22","slug":"cbdt-defers-requirement-of-registration-of-charitable-religious-trusts-by-4-months-till-october-1","status":"publish","type":"post","link":"https:\/\/sunkrish.com\/index.php\/2020\/05\/08\/cbdt-defers-requirement-of-registration-of-charitable-religious-trusts-by-4-months-till-october-1\/","title":{"rendered":"CBDT Defers Requirement of Registration of Charitable, Religious Trusts by 4 Months Till October 1"},"content":{"rendered":"
\"\"<\/a>
Earlier, such registrations\/approvals were granted without any specific expiry period unless specifically withdrawn by concerned tax authority. Under the new law introduced by Finance Act 2020 and effective from June 1, 2020, all such registrations\/ approvals would now be issued with an expiry period of 5 years.<\/em><\/span><\/figcaption><\/figure>\n

In\u00a0 a relief to religious trusts, educational institutions and other\u00a0 charitable institutions, the income tax department on Friday deferred by\u00a0 4 months till October 1 the requirement of registration of these\u00a0 entities.<\/p>\n

In\u00a0 a relief to religious trusts, educational institutions and other\u00a0 charitable institutions, the income tax department on Friday deferred by\u00a0 4 months till October 1 the requirement of registration of these\u00a0 entities.<\/p>\n

“In\u00a0 view of the unprecedented humanitarian and economic crisis, the CBDT \u00a0has decided that the implementation of new procedure for approval\/\u00a0 registration\/notification of certain entities shall be deferred to 1st\u00a0 October, 2020,” an official statement said.<\/p>\n\n\n

Finance\n Act 2020 prescribed substantial changes in law pertaining to \nregistration\/approval of trusts and charitable institutions, whose \nincome are exempt under section 10(23C), Section 11 or for the purpose \nof Section 80-G of the Act for tax deductible donations.<\/p>\n\n\n\n

Earlier,\n such registrations\/approvals were granted without any specific expiry \nperiod unless specifically withdrawn by concerned tax authority.<\/p>\n\n\n\n

Under\n the new law introduced by Finance Act 2020 and effective from June 1, \n2020, all such registrations\/ approvals would now be issued with an \nexpiry period of 5 years.<\/p>\n\n\n

\"\"<\/a>Further, all trusts\/charitable institutions already having approval or registration were also supposed to file applications for renewal of there registration\/approval within 3 months of new law coming into force, i.e. August 31, 2020.<\/p>\n\n\n

Nangia\n Andersen Consulting Shailesh Kumar said “in light of COVID-19 outbreak \nand consequent lockdown, giving relief to the taxpayers, this timeline \nhas been deferred by 4 months. Thus, new law which was supposed to come \nin effect from 01 June 2020 would now come in effect from 01st October \n2020.<\/p>\n\n\n\n

“All\n existing trusts\/ charitable institutions would now need to file \napplications for renewal of their registrations\/ approvals by December \n31, 2020 instead of earlier August 31, 2020,” he added.<\/p>\n\n\n\n

The\n statement said various representations were received to the finance \nministry expressing concerns over the implementation of new procedure \nfrom June 1, 2020 due to outbreak of coronavirus (COVID-19) and \nconsequent lockdown and there have been a number of requests to defer \nthe applicability of new procedure.<\/p>\n\n\n\n

“This is a welcome move and provides expected relief in light of genuine hardships created by COVID-19. The entities benefited by this circular would be religious trusts, hospitals, educational institutions or other public charitable institutions created for welfare of public and allows exemption from income tax on account of their activities and charitable purpose,” Kumar added.<\/p>\n\n\n\n

Consulting\n firm AKM Global Tax Partner Amit Maheshwari said, “This is a welcome \nclarification as in the absence of this extension, it was extremely \ndifficult to comply with these procedures. Several representations had \nbeen made on this matter and this is indeed a welcome move.”<\/p>\n","protected":false},"excerpt":{"rendered":"

In\u00a0 a relief to religious trusts, educational institutions and other\u00a0 charitable institutions, the income tax department on Friday deferred by\u00a0 4 months till October 1 the requirement of registration of these\u00a0 entities. In\u00a0 a relief to religious trusts, educational institutions … Continued<\/a><\/p>\n","protected":false},"author":1,"featured_media":3363,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,4,493,491],"tags":[450,311,1013,322,455,295],"class_list":["post-8289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-business-advisory-services","category-financial-corporate-services","category-economy-business-updates-corporate-affairs","category-income-tax-e-filing-of-returns-for-individuals-partnerships-companies","tag-central-board-of-direct-taxes-cbdt","tag-corporate","tag-covid-19","tag-e-filing","tag-income-tax","tag-taxation"],"_links":{"self":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/comments?post=8289"}],"version-history":[{"count":12,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8289\/revisions"}],"predecessor-version":[{"id":8306,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8289\/revisions\/8306"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media\/3363"}],"wp:attachment":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media?parent=8289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/categories?post=8289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/tags?post=8289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}