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of <h1>Finance Bill 2020 amends Income-tax Act, section 12A, requiring trusts to register under section 12AB with new timelines.</h1> Clause 10 of the Finance Bill, 2020, amends section 12A of the Income-tax Act, introducing a new clause (ac) in sub-section (1). This requires trusts or institutions to apply for registration under section 12AB, replacing prior registrations under sections 12A or 12AA. Applications must be made within specified timeframes, such as six months before the expiry of current registration or within thirty days of modifying the trust's objectives. Additionally, clause (b) mandates audited accounts be furnished by the specified date. These amendments are effective from June 1, 2020, and apply to the assessment year 2020-2021 onwards.
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