As we all know Budget, 2020 in order to increase it’s database in relation to trust and to check whether they are eligible under the relevant provision had inserted new provision for re-registration for all of them from 01.06.2020 and all of them had to submit an application for re-registration whether the trust is 70 years old or more within 3 months from 01.06.2020.
Any trust registered before 01.06.2020 will have to again apply for registration with the appropriate authorities.
It was also seen as great opportunity for the professionals as there were huge number of trust had their registration before 80 years or even more and now were not able to find the relevant documents or not filing proper returns and enjoying the benefit but now they will have to again adhere to the provision and now Income tax department shall issue 5 years registration to any trust and not perpetual registration.
The forms for such registration was still not released and now with the current situation CBDT has further extended it stating that “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.“
Thus, now the due date for new registration shall start from 01.10.2020.
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