We are a registered pubic charitable trust. Due to the lockdown for COVID19, we fell short of spending 85% of our income for the FY 2019-20. In this regard I have 2 questions
1. Does the extended investment time till 30th June 2020 announced by the HFM for financial year 2019-20 will also be applicable for trust and we can spend the shortfall amount within June 30, 2020 for the financial year 2019-20.
2. If the above point is not True, what options are available to us. We have not invested the shortfall within 30th March 2020 in designated areas for carry forward
Charitable Trust Seeks Guidance on Investment Deadline Extension Due to COVID-19; Filing Form 9A Suggested for Compliance A registered public charitable trust faced challenges in spending 85% of its income for the fiscal year 2019-20 due to COVID-19 lockdowns. They inquired about the applicability of an extended investment deadline until June 30, 2020. One respondent advised submitting Form 10B before filing returns. Another clarified that the extension applies to sections 54 to 54GB and Chapter VI, not section 11, unless notified. Since the trust did not invest by March 31, filing Form 9A is recommended to carry forward expenses to the next fiscal year. (AI Summary)
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