Wednesday, November 29, 2023

Jamshedpur: IT seminar for trusts and societies on Sec 12A, 80G

Mail News Service

Jamshedpur, Sept 21:  At a seminar organized at the Chamber Bhawan in Bistupur, the Income tax Department, Exemption Ward provided detailed information on registration of trusts and societies under Section 12A and filing of ITR-7.

Seventy representatives of various trusts, societies and members of ICAI, Jamshedpur chapter attended the seminar. The chief guest at the seminar was the Deputy Commissioner of Income Tax, Exemption Range-2, Ranjit Madhukar. The keynote speakers included senior Chartered Accountants Jagdish Khandelwal and Yogesh Agrawal. They explained the entire process of founding charitable institutions and the policy directives for reporting income and expenses through PPIT (Income Tax Return – 7), which underwent several changes this year which the speakers delved into in detail.

Ranjeet Madhukar stated that incorrect filing of income details was resulting in unnecessary hassles. “Review notices carefully. If demands for your trusts or societies are of Rs 1,000 or more and if you calculate and find the demand to be valid, pay it or, other wise, after one or two reminders, the amount would be recovered from your bank account. He urged attendees to review their notices carefully. For trusts and societies with demands of even Rs. 1000 or more, notices are being issued. If they believe that the demand is valid, they should pay it; otherwise, after one or two reminders, the funds will be seized from their bank accounts,” stated Ranjit Madhukar. He also advised those who believed that their details were correct but had received a demand to file a rectification application in the office or online so that the demand could be corrected and rectified.

Senior CA BN Agrawal and Basudev Chatterjee, President of the Bar Council Jamshedpur also spoke on the occasion. The welcome address was delivered by Ravi Kumar, Income Tax Officer, Exemption Ward, Jamshedpur, and the event was conducted by Santosh Kumar Choubey, Income Tax Inspector.

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