Due to the COVID-19 pandemic, the economy has taken a backtrack and the government has been adversely affected in almost all sectors of India. India hit recession due to COVID-19 and reported the lowest GDP with a loss of around 40 million jobs. The pandemic has made the government rethink their allocations for the union budget of 2021. Here are a few sectors that have been most affected and the government must pay special attention to these sectors: Education Sector The disruption in t..
Answers addressing new compliances of the Trust The Union Budget 2020 proposed substantial amendments for the trust and institution, this article attempts to address the major questions on the budget proposal… Q: Do I need to take fresh registration even though my trust is already being registered with Sec 12AA? Yes, All the existing charitable and religious institutions already registered under Section 12A (trusts and institutions registered prior to 1996), Section 12AA (trusts ..
The 'Vivad se Vishwas' Scheme was announced during the Union Budget, 2020, to provide for dispute resolution in respect of pending income tax litigation. Pursuant to the Budget announcement, the Direct Tax Vivad se Vishwas Bill, 2020 (hereinafter called Vivad se Vishwas) was introduced in the Lok Sabha on 5th of February, 2020 and passed by it on 4th of March, 2020. The objective of Vivad se Vishwas is to inter alia reduce pending income tax litigation, generate timely revenue for the Go..
Changes in Section 11 & 12 of the IT Act,1961 It is stated that where the trust is already registered under Section 12AA, then the registration referred therein shall become inoperative from the date on which the trust or institution is approved under Section 10(23C) or Section 10(46) or on the date on which this proviso shall come into effect i.e. 01.06.2020 whichever is earlier. A new Clause to Section 12A(1)(ac) has been introduced with condition that the trust or institution is r..