Principal Chief Commissioner of Income Tax (Exemptions), New Delhi, Rashmi Saxena Sahni, conducted a review and an outreach programme for Chartered Accountants and tax practitioners at Aayakar Bhavan (IT Office) at Dabagardens here on Friday.
She conducted a review on the performance of Andhra Pradesh, Telangana and Odisha in the morning session. Commissioner of IT(Exemptions) B. Balakrishna, Joint Commissioner of IT Koteswaramma, Deputy Commissioner of IT(Exemptions) Sudha Korivi and IT Officer (Exemptions) T. Venkata Rao were among those who attended.
In the afternoon, Ms. Sahni conducted the outreach programme for the Chartered Accountants and taxpayers during which she mentioned about the important amendments, which were brought in, during the last two years, in the IT Department. The focus was on usage of advanced technology, registration subject to renewal and weeding out non-genuine trusts/institutions.
She informed that as per the new provisions, existing entities need to get re-registered and the new entities were required to obtain the provisional registration. The registration granted in both streams was not in perpetuity but was subject to renewal. All the entities were required to file the annual statement of ‘donations’ and issue the ‘donation certificates’. Any specified violations would lead to cancellation of registration and specified incomes should be taxed at 30%.
In cases, where no proper books were maintained, or no audit required was carried out and even the non-filing of the return of income would be brought to taxation on net basis.
The Principal Chief Commissioner of IT(Exemptions) explained about the latest changes in the ITR-7 in which non-profit organisations were required to file their Annual Returns of Income. She advised all the tax practitioners and CAs to verify carefully and follow the rules and procedures prescribed.
