Surat (Gujarat) [India]: A seminar on the topic “Exemption Programme of the Income Tax Act, 1961 & Grievance Redressal” was organized on October 10, 2024, at 5:00 PM at Seminar Hall-A, Sarsana, Surat. The event was jointly held by the Southern Gujarat Chamber of Commerce and Industry (SGCCI), the Surat Branch of the Institute of Chartered Accountants of India (ICAI), and the Southern Gujarat Income Tax Bar Association (SGITBA). Key speakers included Mr. Yogesh Mishra, Joint Commissioner of Exemption, Range-2, Ahmedabad, and Mr. Manoj Kumar Meena, Income Tax Officer (Exemption), Surat. They provided detailed insights into the Income Tax Act, 1961.
The President of SGCCI, Mr. Vijay Mevawala, shared that “Income tax provisions were first introduced in India on July 24, 1860, and the Income Tax Act came into effect post-independence on April 1, 1962. Currently, direct taxes contribute 34.02% to the nation’s tax revenue, while indirect taxes contribute 65.8%. Income tax accounts for about 3.5% of India’s GDP, with corporate tax and personal income tax together forming 75% of the total direct tax contribution.”
IRS officer Mr. Yogesh Mishra discussed exemptions under Section 12A registration and 80G approval, noting that these sections often present challenges. He advised immediate responses to notices related to these exemptions and also highlighted recent changes in exemption processes.
Mr. Manoj Kumar Meena focused on grievance issues, stating that many grievances in Surat are related to incorrect tax demands, which are often due to errors in Form 9, 10, 10B, and incorrect details in ITR filings. He emphasized the importance of accurate and timely filing of these forms and mentioned that suggestions regarding compliance challenges can be shared with the Income Tax Department.
During the seminar, a representation was made through the chamber, requesting that savings bank accounts of trusts and societies be accepted in the new ITR forms, similar to current account acceptance. The income tax officers assured that changes within their scope of work would be made.
The seminar saw the presence of SGCCI Vice President Mr. Nikhil Madrasi, past President Mr. Ramesh Vaghasia, and several chartered accountants. The Chairman of ICAI Surat Branch, CA Mr. Dushyant Vithlani, gave an introductory speech, and the Income Tax Committee Chairman, CA Mr. Pragnesh Jaggaseth, outlined the seminar’s structure. Co-chairman of the Income Tax Committee, Mr. Dipesh Shakwala, moderated the seminar. The session concluded with satisfactory responses to the audience’s queries, and a vote of thanks was delivered by SGITBA Vice President Mr. Ashish Vakil.
