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Contribution to State Disaster Management Authority will qualify for CSR Funding

The Ministry of Corporate Affairs has clarified that Contribution made to State Disaster Management Authority to combat COVID-19 shall qualify as CSR expenditure under item no (xii) of Schedule VII of the 2013 and clarified vide general circular No. 10/2020 dated 23rd March, 2020.

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Criteria of CSR Funding for COVID-19

The Ministry of Corporate Affairs has clarified through a general circular No. 10/2020 dated 23rd March, 2020 that spending CSR funds for COVID-19 related activities shall qualify as CSR expenditure. It is further clarified that funds may be spent for various activities related to COVID-19 under items nos. (i) and (xii) of Schedule VII relating ...

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All Existing Charitable Trusts/Institutions to Apply for Re-registration

The Finance Bill, 2020 has proposed far reaching amendment in respect of all charitable trusts/institutions claiming exemption under section 10(23C) or under section 11 of the Income Tax Act.  It has been proposed in the Finance Bill, 2020 that the provision of section 12AA shall not be applicable on or after 1st June, 2020.  Further, ...

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Provisional Registration to Be Granted to a New Trust or Institution

The Finance Bill, 2020 has proposed to grant provisional registration to a new trust or institution.  The application for such registration has to be made at least one month prior to the commencement of the previous year relevant to the assessment year from which the said registration is sought.  On making such application, an order ...

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Application for Re-registration to Be Made Within 30 Days in the Case of Modification of the Object

The Finance Bill, 2020 has reiterated the existing provision in section 12A to provide that wherein trust or institution has adopted or undertaken modification of its objects which do not conform to the conditions on the basis of which registration was granted earlier, then such trust or institution shall again apply for registration within a ...

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