Section 80G news

Ambiguity of Trust provisions under Income Tax Act: CAAS Surat Raises Concerns

Explore the ambiguity of Trust provisions under the Income Tax Act highlighted by Chartered Accountants Association Surat (CAAS). Read their representation and demand for resolution....

Posted Under: CA, CS, CMA | ,

CAG report on Income Tax Exemptions to Charitable Trusts & Institutions

CAG noticed ineffective monitoring of accumulation of income and its utilization, ineffective monitoring of receipts and utilization of foreign contribution, inadequacy of survey of educational Trusts, absence of provision for disclosure of TDS in the audit report, etc....

Posted Under: CA, CS, CMA |

Handbook on Statement of Donations Received

Recently, changes were made in the provisions pertaining to compliance by charitable religious institutions under the Income-tax act, 1961 by making it mandatory the furnishing of Statement of Donations Received in Form No. 10BD and thereafter generation of Certificate of Donations in Form 10BE....

Posted Under: CA, CS, CMA |

Improper drastic changes in Income tax provisions relating to Trusts/NGOs

CA Shailesh R Ghedia president of BJP Professional Cell, Mumbai has written a letter to Honorable Finance Minister, Smt. Nirmala Sitharaman and brought to her attention improper Drastic changes made in Income tax provisions relating to Charitable and Religious Trusts (Trusts/NGOs. He highlighted provisions relating to putting severe restr...

Posted Under: CA, CS, CMA |

Deferment for Approval/ Registration of Charitable Trusts & Exempt Institutions

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...

Posted Under: CA, CS, CMA |

Donation to PM CARES Fund to be fully exempt under section 80G

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 [&...

Posted Under: CA, CS, CMA |

Publicise Income Tax Exemption to PM's Relief Fund – PMO

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...

Posted Under: CA, CS, CMA |

CBDT clarification on tax benefits for NGOs and charitable institutions

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...

Posted Under: CA, CS, CMA |

Weighted Deduction Increased to 175% W.E.F 1st April 2010 For Sum Paid out of Buisiness Income to University and other Educational Institutions for Scientific Research And Development

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...

Posted Under: CA, CS, CMA |

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