Income Tax : India's Income Tax Department initiates nationwide verification against bogus deduction and exemption claims, warning taxpayers of...
Income Tax : Learn about the meaning of donation under the Income Tax Act, 1961, and explore the types of donations, deductions, and conditions...
Income Tax : Learn how Indian laws combat cash transactions through measures like demonetization, Benami Transactions Act, and Income-tax Act. ...
Income Tax : A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counterac...
Income Tax : Keeping a check on cash transactions under income tax (with illustrations) INTRODUCTION: We come across a common saying ‘Cash is...
Income Tax : The Tribunal held that a bona fide mistake in claiming deduction under an incorrect section should not bar relief. The matter was ...
Income Tax : The issue was whether dividend income loses s.10(34) exemption due to violation of s.11(5). ITAT held that income excluded under C...
Income Tax : ITAT Delhi held that essential house fixtures like cupboards, modular kitchen, and beds are integral to habitability and can be in...
Income Tax : The ITAT reaffirmed that genuine statutory deductions cannot be denied solely due to technical defects or the absence of a specifi...
In order to restrict cash transactions, the government has come out with several provisions and related rules to prohibit various types of cash payments in the Finance Acts. The effects of restrictions under provisions of income tax act are as follows: Restrict cash transactions by disallowances of expenses or deduction under chapter VIA of income […]
The Union Budget and Finance Bill 2020 has proposed major changes for charitable trusts and institutions like renewal of 12AA and 80G registration, furnishing a quarterly statement of donor wise donations, issue of a certificate to all the donors, etc. All such proposed changes are explained below: Section 10(23C): Every approved fund or trust or […]
The process of approval and registration of trusts, institutions, funds, university, hospital etc. proposed to be rationalised with effect from 1.6.2020. Now, the approval or registration or notification for exemption will be valid for a period not exceeding five years at one time;
Finance Minister presented the Union Budget 2020 wherein she proposed substantial amendments for granting exemptions to the charitable / religious trusts institutions etc. Under the new tax regime, she proposed to amend Section 10(23C), Section 11, Section12A, Section12AA, Section 80G and proposed to insert a new Section 12AB. All these amendments are proposed to be made w.e.f. June 01, 2020.
Hello everyone, hope you all are doing well. This blog focuses on exploring the unknown elements of the Union Budget 2020-21 and analyses impact of proposed changes in Tax on Indian economy. Nirmala Sitharaman (Finance Minister (FM)) played very safely in his debut budget last time and kept distance from crucial issues to serve justice […]
Deduction under section 80GGA of the Income Tax Act, 1961 is available to all the taxpayers in respect of donations made for specific scientific, social or statistical research or rural development. The present article covers the detailed explanation on deduction available under section 80GGA. Categories of persons eligible for claiming deduction under section 80GGA – Deduction under […]
