Focus denies I-T exclusion to VTU with review impact
May 3 () The Center has denied pay charge exclusion to the Karnataka-based Visvesvaraya Technological University (VTU)
with review impact from 1999 and requested that the varsity get a court course in such manner.
In 2000, the VTU had connected for exception from assess on its pay under the area 12A and gifts under 80G of the Income Tax Act. The varsity had got the duty exclusion just on gifts, not on its salary.
The issue was considered up important until the I-T division in 2014-15 had grabbed the VTU's financial balances with Rs 441 crore and forced a punishment of Rs 127 crore.
After much influence, the VTU was given the assessment exception on pay with impact from 2015-16, yet the state has been requesting so with review impact. A few portrayals were made to the Center. Indeed, even the state boss clergyman had talked about the issue with the Prime Minister.
The issue was talked about again yesterday at a gathering with Finance Minister Arun Jaitely and Karnataka Higher Education Minister Basavaraja Rayareddi. Focal priests Ananth Kumar and Prakash Javadekar as additionally senior authorities of the Central Board of Direct Taxes (CBDT) were available.
"In the gathering, Jaitley said it was unrealistic to give exclusion with review impact and requested to get a court course in such manner. It is shocking. This will influence the working of the varsity," Rayareddi told journalists.
Presently, the VTU has no alternative however to approach the pinnacle court and this will take some time. Till at that point, stores crunch will influence the working of the varsity, he said.
The varsity is confronting stores mash because of seizure of financial balances and has taken a credit of Rs 15 crore. It has no assets to pay the following month compensation, he included.
Affirming that the focal government has all forces to change standards and give exclusion in perspective of open intrigue, the state serve stated, "CBDT authorities have misdirected the FM that it can't audit as the VTU has lost a Supreme Court case. In any case, we illuminated that the VTU had lost the SC case as it had requested under Section 10 (23C) of the I-T Act and the pinnacle court had said this segment does not make a difference and expelled the issue." Rayareddi said the state government is requesting that the Center give alleviation under Section 119(2)(b) of the I-T Act in perspective of open enthusiasm as 217 building schools are subsidiary to the VTU with 4 lakh understudies seeking after different courses. He said numerous private colleges have been allowed with assess exceptions and dissent of the same to the latest fast vtu results would be an "awesome foul play".
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