On 5 August 2026 the Income Tax Department issued Notification No 109/2026 under Scheme Office SO 4321E notifying the application of Section 536 1 of the Income Tax Act 2025 30 of 2025 in the case of the Odisha Joint Entrance Examination Committee Section 536 1 empowers the CBDT to make rules for carrying out the purposes of the Act and this notification specifies the procedural modalities for the Committees compliance including the filing of periodical statements maintenance of registers for receipts and payments and the prescribed format for audit reports The notification aims to strengthen the tax administrations oversight of non profit educational entities ensuring that financial transactions are transparently recorded and that any derived income is correctly classified under the appropriate income head The requirements take effect 1 January 2027 with the Committee required to submit the first periodic return by 31 March 2027
Key Takeaways
- Mandatory Periodical Financial Statements The Odisha JEE Committee must prepare and file periodical financial statements detailing all income receipts including examination fees sponsorship amounts and miscellaneous earnings along with corresponding expenditure summaries to enable effective tax administration oversight
- Prescribed Audit Report Format All financial statements must be accompanied by an audit report conforming to the format specified in Section 536 1 ensuring uniformity in the presentation of financial data and facilitating quick scrutiny by assessing officers
- Compliance Timeline and Penalty Framework The first periodic return is due by 31 March 2027 with subsequent filings due quarterly; non compliance or inaccurate reporting triggers penalties under Section 271 1 g of the Income Tax Act 2025 and may result in disallowance of claimed exemptions
Disclaimer:This article is compiled and summarized based on publicly available information and is for general information and academic exchange purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. For tax planning, please consult a qualified professional tax advisor or legal counsel.
Source: Read Original Announcement