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Income Tax - Keeping a check on cash transactions under income tax (with illustrations) INTRODUCTION: We come across a common saying ‘Cash is King,’ however idle cash can never generate any interest income, therefore channelizing the idle money into digital mode shall generate income. The Cashless economy is a system where majority of transactions...
Read MoreIncome Tax - A charitable or religious institution has substantial source of receipts in form of donations. Such donations may be corpus or voluntary. The Income Tax Law provides blanket exemption to corpus contributions (received for a particular purpose such as for construction of a building) whereas it requires application of voluntary contribution...
Read MoreIncome Tax - Krishna, Today is 13th October last day for the promotion of Elections. In the chaos of election, crores of rupees were ceased. During this period Election Commission has laid many restrictions on cash transaction. But what are the provisions of cash transactions under Income Tax Act?...
Read MoreIncome Tax - Many individuals who are receiving income under the head salary ask about the methods which can legally help in saving tax on salaried people. It is a fact that are not allowed to claim expenses except those specified under the Income Tax Act. Therefore, they can only invest in or claim certain expenses which are […]...
Read MoreIncome Tax - Trust, Society and Section 8 Company can seek registration u/s 12A to claim exemption under provisions of Income Tax Act’1961, if certain conditions are satisfied. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust....
Read MoreIncome Tax - Deferrement of Procedure for Approval/ Registration/Notifications of certain entities U/s 10(23C), 12AA, 35 & 80G of Income Tax Act, 1961 till 01st October,2020 The Finance Act, 2020 has introduced certain new compliance burdens on Charitable Trusts and Exempt Institutions. The Budget 2020 has amended certain provisions of the Inc...
Read MoreIncome Tax - The finance minister, Nirmala Sitharaman, at a press conference dated 24th March 2020 has announced that taxpayers can complete their tax-saving exercise and statutory compliances for FY 2019-20 till June 30, 2020. The earlier deadline was March 31, 2020. It’s a big relief to the Taxpayers given by the government. But still, it has a [&...
Read MoreIncome Tax - Prime Minister's National Relief Fund (PMNRF) was constituted in January, 1948 to assist displaced persons from Pakistan. The resources of the PMNRF are now utilized primarily to render immediate relief to the affected families of those killed/ injured in natural calamities like floods, cyclones and earthquakes, etc, or in the major accid...
Read MoreIncome Tax - The government has clarified that institutions like NGOs, charitable institutions and others who are eligible for tax benefits and can also issue tax benefit receipts to those paying donations would not need to renew their status unless it is withdra...
Read MoreIncome Tax - The Income Tax Act, 1961, before amendment by Finance Act, 2010, allowed a weighted deduction of 125% for any sum paid out of business income to a university, college or other institution in case the amount is used for scientific research. Similar weighted deduction of 125% was also allowed for any sum paid out of business income to a nat...
Read MoreBrijbasi Education And Welfare Society Vs PCIT (Delhi High Court) - Addition made by AO against Educational Trust on account ofdonations were found to be bogus was justified as assessee failed to discharge the onus of proof cast upon it and no attempt was made to produce credible material to corroborate the transactions or to explain the contradictory evidence t...
Read MoreGoldman Sachs Services Pvt. Ltd. Vs JCIT (ITAT Bangalore) - The issue under consideration is whether CSR is also eligible for deduction u/s 80G of the Act subject to assessee satisfying the requisite conditions prescribed for deduction u/s 80G?...
Read MoreBar Council of Delhi Vs CIT (Exemption) (ITAT Delh) - The issue under consideration is whether the CIT is correct in rejecting the application filed by Bar Council of Delhi seeking registration u/s 12A (a) of the Income Tax Act?...
Read MoreDnyanranjan Shikshan Prasarak Mandal Vs CIT Exemptions (ITAT Pune) - Whether the ex-parte order of the CIT(Exemptions) denying 80G exemption is justified in law? ITAT dismissed ex-parte order of CIT(E) on the basis of principles of natural justice...
Read MoreFirst American (India) Pvt. Ltd Vs ACIT (ITAT Bangalore) - The issue under consideration is that whether the expenditure incurred for CSR will also be qualified for deduction under section 80G?...
Read MoreRelease ID: 1622387 - (09/05/2020) - CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be deferred to 1st October, 2020. Accordingly, the entities approved/ registered/ notified under section 10(23C), 12AA, 35 and 80G of the Income-tax Act, 1961 (the Act) would b...
Read MoreNotification No. 24/2020-Income Tax [S.O. 1434(E)] - (08/05/2020) - CBDT notifies SHRI RAM JANMABHOOMI TEERTH KSHETRA to be place of historic importance and a place of public worship of renown for the purposes of section 80G(2)(b) from the year F.Y. 2020-2021, relevant to the Assessment Year 2021-2022....
Read MoreF. No. 178/7/2020-ITA-1 - (09/04/2020) - Submission of certificate for claiming deductions U/s. 80G of the Income-tax Act, 1961 in respect of donation made by an employee to Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND)...
Read MoreNotification No. 60/2019-Income Tax [S.O. 3215(E).] - (05/09/2019) - Notification No. 60/2019-Income Tax- CBDT amends rules 2C and 2CA related to Application for the purpose of grant of approval for the exemption under sub-clause (iv), sub-clause (v), sub-clause (vi) and sub-clause (via) of clause (23C) of section 10 and Rule 11AA related to Requirements for approval...
Read MoreNotification No. 87/2017-Income Tax [S.O. 3441(E)] - (27/10/2017) - Central Government hereby notifies Arulmigu Kapaleeswarar Thirukoil, Mylapore, Chennai, to be place of historic importance and a place of public worship of renown throughout the state of Tamil Nadu for the purposes of the said section....
Read MoreBrijbasi Education And Welfare Society Vs PCIT (Delhi High Court) -
Goldman Sachs Services Pvt. Ltd. Vs JCIT (ITAT Bangalore) -
