Income Tax : This examines why deductions under section 80GGC are being questioned in assessments. The key takeaway is that compliance with sta...
Income Tax : The issue concerned whether deductions under section 80GGC could be denied solely on investigation inputs alleging accommodation e...
Income Tax : India's Income Tax Department initiates nationwide verification against bogus deduction and exemption claims, warning taxpayers of...
Income Tax : Understand tax benefits under Sections 80GGB & 80GGC for political donations, eligibility rules, compliance needs, and recent lega...
Income Tax : Received an IT notice on political donations? Understand why, what to do, and avoid penalties. Expert advice to respond effective...
Income Tax : The issue was whether penalty applies when a bogus donation claim is withdrawn after detection. The Tribunal held that post-detect...
Income Tax : The Tribunal held that failure of the Assessing Officer to verify genuineness of a ₹30 lakh donation under Section 80GGC rendere...
Income Tax : The Tribunal upheld 200% penalty under Section 270A for misreporting income through ineligible deductions. Admitted incorrect clai...
Income Tax : The Tribunal upheld disallowance of political donation deductions where the assessee failed to prove genuineness and the transacti...
Income Tax : The Tribunal upheld deletion of disallowance where the tax authority failed to produce direct evidence linking the taxpayer to any...
Explore the recent Income Tax notices targeting donors to Registered Unrecognized Political Parties (RUPPs) for AY 2019-20. Uncover the issues surrounding these parties, including non-compliance and violation of statutory requirements. Delve into the income tax implications and understand how genuine donors can navigate this challenging situation. Stay informed about recent legal precedents, such as the case of ACIT v. Armee Infotech, providing insights into deduction claims for donations to political parties under section 80GGC.
According to the Income Tax Act, 1961, donations made to political parties are eligible for tax deductions. Section 80GGC of the Income Tax Act provides tax deductions for contributions made to political parties.
Income Tax department issued notices to taxpayers who claimed deduction under section 80GGB & 80GGC for donations made to political parties.
Discover tax deductions for contributions to political parties under Sections 80GGB & 80GGC of the Income Tax Act, 1961, including eligibility criteria and quantum of deductions.
Learn how Indian laws combat cash transactions through measures like demonetization, Benami Transactions Act, and Income-tax Act. Understand penalties and compliance to ensure financial transparency.
Understand the Income Tax provisions in India regarding cash transactions, including penalties and restrictions on accepting loans or deposits in cash.
Section 80GGB & Section 80GGC: – Deduction in respect of contributions given to political parties. Bare Act Section 80GGB – Contribution done by an Indian Company – Political Contribution In computing the total income of an assessee, being an Indian company, there shall be deducted any sum contributed by it, in the previous year to […]
Understand the taxation rules for political parties. Learn about the conditions for excluding certain incomes and maintaining proper accounts.
A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provisions relating to cash transactions are broadly summarized […]
A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The […]
