//Income Tax exemption for hindu religious body

Income Tax exemption for hindu religious body

IT waiver for devaswom deposits

Wednesday May 17 2006 14:29 IST

GURUVAYUR: The Union Ministry of Finance and the Central Board of Direct Taxes (CBDT) have exempted Guruvayur devaswom deposits from Income Tax as per information received from New Delhi, devaswom chairman K V Nambiar has told ‘this website’s news paper.’

The official auditors of the devaswom were directed to complete the required formalities of tax exemption procedures, he added.

The IT officials had conducted raids at various banks here and threatened the bank managers with legal action if TDS against devaswom deposits was not done before March 31 while the IT exemption application was pending with CBDT, New Delhi.

The devaswom administrator filed a writ petition with Kerala High Court. The HC had issued stay on tax collection and directed the authority concerned to issue necessary orders on the IT exemption application filed by the devaswom within three months.