Section 12AB is applicable for the registration of all the existing charitable and religious institutions (including NGOs). The registration of eligible trusts needs to be made before the due date. Here in this post, we will tell you the last date of section 12AB registration.
The last date of section 12AB registration has been extended many times by the department, updated status of which is given here-
Section 12AB comes into effect from 1st June 2020, and eligible assessee is required to apply for registration and approval within a period of 3 months i.e. before 31st August 2020.
Further, as per the tweet made by CBDT on 08 May 2020, the date for getting registered under section 12AB has been extended to 01st October 2020, resulted from extension the assessee is required to get registered within a period of 3 months i.e. before 31st December 2020.
Last Date of Section 12AB registration– The New Registration procedure prescribed under section 12AB for charitable trusts and institutional introduced by Finance Act 2020 has been deferred and extended to 01 April 2021 by the Taxation and Other Laws (Relaxation and Amendments of Certain Provisions) Act, 2020.
The application for registration under section 12AB of the Income Tax Act can be made by filing Form 10A online on the Income Tax Portal. The form is available at the portal under the E-file menu > Income Tax Form Section, which will visible after login to the portal.
Is registration of a trust u/s 12AB is mandatory?
Yes, It is mandatory for a trust to get the registration under section 12AB of Income Tax Act, 1961, so as to claim an exemption under section 11.
To whom the application for registration u/s 12AB shall be made?
The application shall be made online, to The Commissioner or Principal Commissioner of Income Tax who shall pass an order granting approval or rejection within three months from the date of commencement of the new provision.
Which form is applicable for application in section 12AB of Income Tax Act
The application u/s 12AB shall be made online by filing Form 10A along with the required documents.
What is the Validity period of Registration u/s 12AB?
The registration once granted shall be valid for 5 Years.
Why all the trust needs to get register under Income Tax again?
The Finance Bill 2020, wants to consolidate all trust data to provide an electronic database. There are many old trusts registered, however have misplaced their registration number nor the Income Tax Department has any record of the same.
Who is required to register under section 12AB of Income Tax Act
In order to continue availing exemption under section 10 or 11 (as the case may be), all the existing charitable and religious institutions (including NGOs) which are registered or approved under section 12A, section 12AA, section 10(23C), section 80G are compulsorily required to move to section 12AB for fresh registration.
What is 12AB registration?
Finance Act 2020, has introduced a new “Section 12AB” for significant changes in compliance and registration procedure of Religious and Charitable Trusts/institutions, etc. Under the new regime, amendments of Section 10(23C), Section 11, Section 12A, Section 12AA, Section 80G, and insertion of a new Section 12AB were proposed.
Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.
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