Hyderabad, May 12 (KNN) To explain the new and amended provisions pertaining to the exemption provisions of Income Tax, the Commissionerate of Income Tax, Exemption Charge, AP & Telangana conducted an outreach program at Income Tax Towers, AC Guards in Hyderabad on Friday.  

Renu Jauhri, IRS, Pr. Chief Commissioner (Exemptions), New Delhi, presided over the programme as Chief Guest. 

While addressing, she said that the tax practitioners and the charity institutions organizers shall note the various changes brought in in the exemptions provisions and follow them strictly to avoid any unwanted raising of the demands and litigations. 

B. Bala Krishna, Commissioner of Income Tax, Exemption Charge, Hyderabad in his welcome address said that various new provisions and amendments brought in Exemption sections in Income Tax are highlighted in this programme. 

It was brought to the notice of all the participants that the new procedure of registration of non-profitable organizations (NPO) commenced on April 1, 2021 and all existing NPO's and new NPO's are required to follow the new registration procedure for claiming any exemption. 

He also cleared that as per the new provisions, there will be cancellation of the registration inconsequent to the specific violations. 

It is further highlighted that, for claiming the exemption, filing of the return of income is mandatory and the required audit reports & other reports are to be filed in time bound manner. 

For claiming the Exemption under section 10(23) of Income Tax, the Institutions must exist solely for the purposes of education or health and should not make any high profits, as per the latest Supreme Court order, he added. 

The program was followed by question and answers raised by various stakeholders. 

The program was also attended by V. Koteswaramma, JCIT (Exemptions), Sudha Korivi, DCIT (Exemptions), DhruvAshta, DCIT (Exemptions), New Delhi and other officers of Income Tax and members of Tax Bar Association, Chartered Accountants & various tax practitioners, Trustees who run the non-profitable organizations and other stakeholders.  (KNN Bureau)