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The Finance Bill in the Union Budget 2020 proposed significant changes for charitable trusts and institutions. Charitable trusts and other institutions need to get income tax registration or approval under section 12AA or under Section 10(23C) Income Tax Act, 1961. The provision for registration and renewal of charitable trusts and institutions is all set to make a major change with effect from 1st April 2020. Thousands of charitable trusts and other institutions (religious) like the Parsi trusts and associations which includes Panchayats, Anjumans, Agyaris and Atashbahrams which enjoys tax exemptions or offer tax deduction as per section 80G will also be affected.
The due date for filing of the tax return for charitable trusts and institutions has been extended to 31st October from 30th September.
The Finance Bill 2020 proposed a new time limit to allow for the registration of charitable trusts by the Income-tax department. The new regime will ensure better accountability and transparency for the trust of considerable magnitude. The proposal to ask for all the existing charitable trusts and institutions to get a fresh registration will be inconvenient. Some of the deserving charitable trusts and other institutions may be denied registration considering the small window for the tax department to approve or reject.
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