Ø India's debt-to-GDP to shoot up to 87.6%
Ø India seeks new preferential treatment from U.S. on drugs, other goods: Sources
Ø Electrical equipment industry is cancelling contracts in biggest anti-China drive
Ø UK suspends extradition agreement with HK
Ø 'Cement demand to fall by 22-25% in FY21'
Ø IL&FS aims to resolve nearly 60% of debt
Ø Cheaper, faster and easier insolvency resolution process on cards for MSMEs: IBBI
Ø AGR case: SC turns down telecom companies' demand for re-assessment of dues
Ø Sebi dismisses RTI appeal in Franklin Templeton MF's wind-up case
Ø Fitch affirms IOC at 'BBB-', outlook negative on refining volume, margins
Ø Retail inflation for farm workers, rural labourers eases in June: Govt
Ø SBI Cards posts 1% drop in Q1 PBT at Rs 528 cr, net profit rises 13.8%
Ø Market regulator issues guidelines on leveraged intra-day trades
Ø Oilseed imports zoom 226% in four years, exports dip 14%
Ø NTPC’s total installed capacity reaches 62910 MW
Ø Jet Airways may get financial bids from 2 entities
Ø Glenmark-DCGI face-off over Covid drug, a sign of things to come
Ø ACC consolidated net drops 40.5% to ₹271 cr in Apr-June quarter
Ø SC reserves its order on telecom AGR case
Ø Sebi comes out with guideline to verify upfront collection of margins
Ø Sibros closes $12 mn Series A funding for its connected vehicle platform
Ø Britannia plans ₹700 crore capex, bullish on rural demand
Ø IL&FS board misses resolution timeline, extends deadline by another year
Ø Markets at 4.5-month high despite rapidly rising Covid-19 cases
Ø Power demand expected to fall up to 6 pc in FY21: Icra
Ø Consumer Protection Act, 2019 comes into force from today; manufacturers may go to jail for misleading ads
Ø Reliance Jio seeks spectrum for 5G trials in India
Ø Global cybersecurity spending to 2.5-5.6% in 2020: Canalys
Ø Cafe Coffee Day closes 280 more outlets in Apr-June quarter
Ø Over 7,000 income tax cases disposed under faceless assessment system
Ø Bank employee unions demand 5-day working week, says COVID threat is haunting bankers.
.
======>
.
Important updates for all Charitable Trusts and Exempt Institution registered under section 80G, 12A or section 12AA [Read More]
posted by TaxKnowledge Team on 20-7-2020
All Charitable trusts and exempt institution which are already registered under section 80G, 12A or section 12AA of Income Tax Act, 1961 will now be required to obtain fresh registration by December 31, 2020. Provisions of registration under section 80G, 12AA or section 12A will be redundant from 31st December 2020 and a new section 12AB will come into force with effect from 01st January 2021. All the existing registered trusts under the erstwhile section 80G, 12A or section 12AA would move to new provision section 12AB.
The new section 12AB proposes to change the registration process by prescribing the time frame for processing the application and validity of such a registration certificate so granted under the new section 12AB. An order granting registration or approval shall be passed within 3 months of the application. Such registration or approval shall be valid for 5 years.
Similarly, charitable trusts and exempt institutions which already have Section 80G certificate will now be required to reapply for registration or approval by December 31, 2020. The registration shall be valid for 5 years.
.
==============>
.
📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝
Thanks for reading
