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of <h1>Finance Act 2020: Changes to Section 80G Require Institutions to Apply for Tax-Deductible Donation Approval and Issue Certificates.</h1> The Finance Act, 2020 amends Section 80G of the Income-tax Act, effective June 1, 2020. It mandates that institutions or funds seeking approval for tax-deductible donations must apply to the Principal Commissioner or Commissioner. Institutions must prepare and submit statements to the tax authority and provide donors with donation certificates. Applications for approval must be submitted within specified timeframes, with approvals granted for five years or provisionally for three years. Pending applications are reclassified under new provisions. Claims for deductions are based on information provided by the institution, subject to verification by tax authorities.
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