New Delhi

Accordingly, the entities 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 within three months from October 1, 2020, i.e, by December 31, 2020. Further, the amended procedure for approval/ registration/ notification of new entities shall also apply from October 1.

The necessary legislative amendments in this regard shall be proposed in due course, an official release said.

Various representations were received in the Finance Ministry expressing concerns over the implementation of the new procedure from June one this year 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, rationalised 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 June 1, 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 August 31, 2020. Further, the procedure for approval/ registration/ notification of new entities has also been rationalised with effect from June 1, 2020.

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