INCOME TAX EXEMPTION (80G)

KK SAMAJ (KKS) GOT EXEMPTION UNDER 80G & 12AA OF THE IT DEPARTMENT FOR FIVE YEARS

KKS enjoys the status of being an exempted society under 80G & 12AA of the Income Tax (IT) department. Special thanks to our consultants and CAs for their guidance and support which helped us achieve this milestone.

The main highlight of the Financial Year 2021-22 was the approval for IT exemption under 80G & 12A against the applications submitted online on 22nd Feb 2022 by KK Samaj (KKS) in revised FORMs along with supporting documents, from the Income Tax (IT) department on 10th March 2022 for five years i.e., from AY 2022-23 to AY 2026-27.

Order No. URN: AAGAK4139DF20214 for approval was granted under section 80G (5) of Income Tax Act 1961 dated 10/03/2022 for five years from AY 2022-23 to AY 2026-27, for the following categories:

• Relief of the Poor
• Education
• Medical Relief
• Preservation of the Environment (including watersheds, forests, and wildlife)
• Preservation of Monuments Or Places Or Objects of Artistic Or Historic interest
• Advancement of any other objects of general public utility

No doubt, it is a major achievement as only a few similar societies are having this benefit/ exemption based on work being carried out by them. This prestigious milestone was achieved mainly because of the meticulous work carried out by the team EC in terms of ensuring 99.9% process compliance and also charitable work done for the underprivileged sections of society, utilizing the amount members donated.

Members who donate to KK Samaj (KKS) for social causes are eligible to avail of tax exemption of 50% of the donated amount under section 80G while filing Income Tax for the same assessment year in which the donation was made. Needless to say, KK Samaj (KKS) needs to maintain all documents and transactions as per the guidelines of the Registrar of Society (RoS) and Income Tax (IT) meticulously on a regular basis, as non-compliance may result in the cancellation of the above approvals.

Needless to say, it was a very difficult task in terms of meeting the requirements of the Registrar of Society (RoS) and IT department (Exemption) as the EC team had to go through lots of ups and downs in collating, compiling, and submitting the response online onto the Income Tax portal. The efforts put in by the EC team with support from CAs and the external advisor helped us make it within the given time. Special thanks to Mr. R K Gupta, Senior advisor for his valuable support, and guidelines throughout the process of submitting applications and getting the approval for tax exemption under 80G from the IT department.