Amendment of Section 12A

Section 10 of the Finance Act, 2020 deals with amendment of Section 12A. Amendment of section 12A. 10. In section 12A of the Income-tax Act,— (I) | in sub-section (1),— (A) | after clause (ab), the following clause shall be inserted with effect from the 1st day of June, 2020, namely:— "(ac) | notwithstanding anything contained in clauses (a) to (ab), the person in receip

Amendment of section 12A.

10. In section 12A of the Income-tax Act,—

(I)

in sub-section (1),—

(A)

after clause (ab), the following clause shall be inserted with effect from the 1st day of June, 2020, namely:—

"(ac)

notwithstanding anything contained in clauses (a) to (ab), the person in receipt of the income has made an application in the prescribed form and manner to the Principal Commissioner or Commissioner, for registration of the trust or institution,—

(i)		where the trust or institution is registered under section 12A [as it stood immediately before its amendment by the Finance (No. 2) Act, 1996 (33 of 1996)] or under section 12AA, [as it stood immediately before its amendment by the Finance Act, 2020] within three months from the date on which this clause has come into force;
(ii)		where the trust or institution is registered under section 12AB and the period of the said registration is due to expire, at least six months prior to expiry of the said period;
(iii)		where the trust or institution has been provisionally registered under section 12AB, at least six months prior to expiry of period of the provisional registration or within six months of commencement of its activities, whichever is earlier;
(iv)		where registration of the trust or institution has become inoperative due to the first proviso to sub-section (7) of section 11, at least six months prior to the commencement of the assessment year from which the said registration is sought to be made operative;
(v)		where the trust or institution has adopted or undertaken modifications of the objects which do not conform to the conditions of registration, within a period of thirty days from the date of the said adoption or modification;
(vi)		in any other case, at least one month prior to the commencement of the previous year relevant to the assessment year from which the said registration is sought,

		and such trust or institution is registered under section 12AB;";
(B)		in clause (b), for the words "and the person in receipt of the income furnishes along with the return of income for the rele-vant assessment year", the words, figures and letters "before the specified date referred to in section 44AB and the person in receipt of the income furnishes by that date" shall be substituted;

(II)

in sub-section (2), with effect from the 1st day of June, 2020,—

(A)		in the first proviso, for the words "Provided that", the following shall be substituted, namely:—
		"Provided that the provisions of sections 11 and 12 shall apply to a trust or institution, where the application is made under—

(a)		sub-clause (i) of clause (ac) of sub-section (1), from the assessment year from which such trust or institution was earlier granted registration;
(b)		sub-clause (iii) of clause (ac) of sub-section (1), from the first of the assessment years for which it was provisionally registered:

		Provided further that";
(B)		in the second proviso, for the words "Provided further", the words "Provided also" shall be substituted;
(C)		in the first and third provisos, after the word, figures and letters "section 12AA", the words, figures and letters "or section 12AB" shall be inserted.

Section 10, The Finance Act, 2020.