Income Tax : Income Tax authorities are increasingly reopening assessments involving political donation deductions claimed under Section 80GGC....
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 : The Tribunal sent the issue of deduction for political donations back to the Assessing Officer after finding that bank transaction...
Income Tax : The Tribunal held that mere disallowance of deduction claimed under Section 80GGC does not automatically amount to misreporting of...
Income Tax : The Tribunal upheld disallowance of deduction under Section 80GGC after finding the political donation lacked genuineness. The rul...
Income Tax : The Tribunal held that notice under Section 148 was invalid as it was issued by an officer lacking jurisdiction. It relied on CBDT...
Income Tax : The Tribunal upheld disallowance of deduction where donations were routed back to donors through layered transactions. The key tak...
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 […]
E-BOOK: KNOW WHEN TO SAY NO TO CASH TRANSACTIONS Article explain Restrictions on Cash Expenditure (Capital & Revenue), Incentives to encourage cashless business transactions, Restrictions on Cash Loans, Deposits & Advances, Restrictions on Cash Transactions in Real Estate, Restrictions on Income Tax Deductions, Restrictions on Cash Transactions of Rs. 2 Lacs or more, Mandating Acceptance […]
Political Parties, Electoral Trusts, Electoral Bonds and deductions/ Exemptions under the Income Tax Act, 1961 Political Parties and Election campaigns are an integral part of Indian democratic system. Let’s discuss in detail about the meaning, sources of income, taxability, exemptions and deductions to political parties, electoral trusts and electoral bonds. Political Party Definition – An […]
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 […]
