Indore Experts Suggest Investigating Charitable Organizations' Tax Exemptions amidst Income Tax Debate
News Article: Renewal of Income Tax Exemption for Charitable Institutions in Madhya Pradesh
In a significant development for charitable institutions in Indore, Madhya Pradesh, a workshop was organized by the Tax Practitioners Association (TPA) and the Indore CA branch. The focus of the workshop was the provisions of continuing income tax exemption for charitable organizations.
Senior Chartered Accountants (CA) Rakesh Mittal and CA Bhagwan Agarwal served as keynote speakers at the event, providing valuable insights and step-by-step guidance on the renewal process.
CA Bhagwan Agarwal emphasized that all organizations registered under Section 12A/80G/10(23C)(vi) of the Income Tax Act, as well as those registered under the new law for five years until AY 2026-27, must apply for re-registration in Form 10AB before September 30. He also clarified that all organizations, not just those facing scrutiny, must apply for re-registration.
CA Rakesh Mittal explained that the renewal of income tax exemption for charitable institutions would only be granted after a thorough investigation. He detailed that all charitable organizations would be required to provide detailed information about their activities, assets, income, expenses, and office bearers. The registration would not be granted automatically but only after the income tax commissioner (exemptions) conducted a detailed inquiry, including activities, list of donations, purpose, payments to related parties, and verification of immovable properties.
A large number of chartered accountants and tax consultants were present at the workshop, demonstrating the importance of the renewal process for charitable institutions. It is crucial for these organizations to adhere to the deadline and submit their renewal applications before September 30 to continue their income tax exemption.
It is important to note that the name of the Income Tax Commissioner who will examine the renewal of tax exemption for charitable institutions is not provided in the available search results. The workshop did not discuss the suspension of the Sabalgarh SDM, a separate matter unrelated to the renewal process.
In conclusion, the renewal of income tax exemption for charitable institutions in Indore, Madhya Pradesh, will now require scrutiny by the income tax commissioner (exemption). It is essential for these organizations to comply with the renewal process and submit their applications before the deadline to maintain their tax-exempt status.
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