The Ministry of Finance in its press release dated 9th May 2020 has decided that the implementation of new procedure-related to companies shall be deferred to 1st October, 2020 in view of the economic crisis emerged due to the coronavirus pandemic.
The entities approved/ registered/ notified under section 10(23C- which exempts certain educational institutions), 12AA(provides the procedure relating to registration of a trust or institutions engaged in charitable activities), 35(Expenditure on scientific research.) and 80G(Various deductions) of the Income-tax Act, 1961 (the Act) would be required to file intimation within three months from 1st October, 2020, i.e, by 31st December, 2020. The amended procedure for approval, registration, notification of new companies shall also apply from 1st October.
Since the Ministry has received various representations wherein concerns were raised over the implementation of the new procedure from 1st June 2020 and requests were also made to defer the applicability of the new procedure.
Therefore the Finance Ministry has rationalized the procedure relating to certain entities with effect from 1st June, 2020. As per the new procedure, the entities would be required to file intimation within three months from 1st June to 31st August.
Click here to read the Notification.
