May 09, 2020 News Attachment
The Finance Bill, 2020 had proposed to revalidate the existing approvals and Registration granted under Section 12A, 10(23C), 35 and 80G under the Income Tax Act. The said proposal stated that every existing registration under the said sections would need to be re-validated within 3 months from 1st June 2020 i.e. on or before, 31st August, 2020. Subsequently, the said proposals were passed and released through Finance Act, 2020.
However, due to the unprecedented situation of COVID-19, the Ministry of Finance has announced through a press release dated 9th May, 2020, that the implementation of the new procedure for approval/registration has been deferred to 1st October, 2020. In other words, the registration under section 10(23C), 12AA, 35 and 80G of the Income Tax Act would be required to be filed for revalidation within 3 months from 1st October, 2020 i.e. by 31st December, 2020.
As per the press release, the notification and the necessary legislative amendments shall be issued in due course by the department. The press release issued in this regard can be read by clicking on the below link