Last updated: March 7th, 2020 5:10 PM
Budget 2020 - Changes to Charitable Trust and Institution
The Finance Bill 2020 has come up with some of the major changes which tend to affect the Charitable Trusts and Institutions registered under Section 10(23C) of the Income Tax Act. The present article tries to explain all the major amendments. It should be noted here that currently, Section 12AA of the Income Tax Act covers the registration procedure, however, with effect from 1st June 2020, the said provisions would be redundant. Section 12AB is newly inserted into the Income Tax Act, which would take care of the registration procedure effective from 1st June 2020.Amendments Affecting Existing Charitable Trust and Institution
- The existing Charitable Trust and Institutions are required to make a fresh application within a period of three months (i.e. within 31st August
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