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DONORS TAX DEDUCTIONS
Charitable trusts get relief on 80G registrationCharitable trusts and institutions that missed the 80G registration renewal deadline have received a one-time reprieve from the CBDT. The t...- To give, first get to know: Why India’s everyday generosity matters more than everIndia witnesses widespread everyday giving, with households contributing billions annually. While generosity is abundant, most gifts are ad...
- Reliance Trust challenges I-T move to cancel registrationSeveral prominent charitable organizations in Mumbai are facing the cancellation of their tax registrations. The tax department cites comme...
- Rs 7 lakh income, Rs 2 lakh donation to a political party: How fake contributions led to Section 80GGC tax deduction claim rejectionA Mumbai man's Rs 2 lakh donation to a political party for tax deduction backfired. The Income Tax Appellate Tribunal (ITAT) Mumbai disallo...
- IRS tax refunds: This strategic change in filing income tax to bring more refunds. Details hereIRS tax more filers may want to contemplate itemizing because of other changes, namely, a more generous deduction on state and local taxes ...
- Income Tax Dept releases FAQs on tax deduction on donation under Section Section 80GDonating to charities offers tax benefits under Section 80G of the Income Tax Act. The Income Tax Department has clarified rules for these ...
- Income-Tax Department unearths Rs 5,500 Cr donations racketA nationwide Income-Tax Department probe has revealed a massive scam involving over ₹5,500 crore in fake political donations. Thirty-six sh...
- Taxman sends tough questions to individuals on political donationsThe income tax department scrutinizes donations of ₹5 lakh or more made to little-known political parties during FY 2020-21, suspecting mon...
- Now you can't get Section 80G tax deduction without this TDS-like certificate from income tax portalTill FY 2020-21, an individual can claim the donation on the basis of the donation receipts at the time of filing income tax return (ITR). ...
- Many get caught in taxman's net for using political donations to evade taxThe first leg of the transaction --- where money was donated by cheque or electronic transfers with the donor receiving a receipt from the ...
- New tax regime may impact charity donations owing to higher exemption limitBased on the government’s expectations, nearly two-thirds of taxpayers are expected to opt for the new tax regime, which has now become the...
- What are income tax benefits available on donations made?Donations made to help people tide over the covid-19 pandemic can help you save income tax as well. Here is a look at how Section 80G of th...
- Donating money? Here's how much tax benefit you will get under section 80GApart from common know deductions such as section 80C, section 80D of the Income-tax Act, donating money to charitable institutions also pr...
- 100% I-T sop to end for some NGO donationsAt present, donations made for specific projects run by NGOs that have been certified under section 35AC entitle the donor to a 100% I-T de...
- Budget 2017 proposes to slash tax benefit on cash donations to religious entities, notified fundsThe government notifies separate lists of institutions/funds donations to which would be eligible for 100% or 50% deductions with or withou...
- Arun Jaitley warns parties of serious consequences if they violate the latest donation rulesDuring budget speech, FM had announced that the political parties now cannot accept donations more than Rs 2000 from a single source, down ...
- Delhi High Court plugs gap that allowed parties to mask illicit donationsThe move is being seen as a major boost for more transparency in political funding, plugging a vulnerability in law which could be exploite...
- Indians big donors, but only during tax-saving monthsAccording to NGOs, with growing awareness about tax benefits on donations, collections have risen significantly this year as compared to th...
- US launches new PPP website for BangladeshThe United States has launched an innovative, new Public-Private Partnership website in an effort to push for better donor experience.
- ISI pumped millions to influence US policy on Kashmir: Ghulam Nabi FaiUS-based Kashmiri separatist Ghulam Nabi Fai has pleaded guilty of secretly receiving millions of dollars from ISI for 20 years.
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