The Ministry of Finance vide press release 09.05.2020 informed that as result of difficulties and disruption arising due to current COVID-19 situation the Central Board of Direct Tax in light of economic crisis has decided that implementation of new procedure for approval, registration, notification of certain entities shall be deferred to 01.10.2020. The entities approved, registered, notified under section 10(23C), 12AA, 35 and 80G of Income tax Act, 1961 would be required to file intimation within 3 months from 01.10.2020 i.e. 31.12.2020. Further, the amended procedure for approval, notification, of new entities shall apply from 01.10.2020.
The Finance ministry received various concerns over the implementation of the new procedure from 01.06.2020 due to outbreak of COVID-19 lockdown. The various stakeholders requested to defer the applicability of the new procedure. The Finance Act, 2020 rationalized the procedure relating to approval, registration, notification of certain entities referred under section 10(23C), 12AA, 35 and 80G of the Act with effect from 01.06.2020. As per the new procedure the respective entities have to file intimation by 31.08.2020. Further, the procedure for approval, registration, notification of new entities has also been rationalized with effect from 01.06.2020. The Ministry said that further, necessary legislative amendment in this regard shall be proposed in due course.
Press Release:Minitsry of Finance 09.05.2020 PIB