Donations, which are agreements wherein one person freely chooses to donate something of value to another, are covered by the Income Tax Act and, as such, are taxed. However, because it is a good deed ...

G deduction and interest under TDS/TCS provisions. The Tribunal found that the Assessing Officer had examined both issues and no prejudice was ...

If you are making a cash payment, then only up to Rs 2,000 is allowed to donate. Otherwise, you should make an online payment, demand draft, or cheque. All individuals, companies, and firms can claim ...

As tax season approaches, many individuals find themselves choosing between the old and new tax regime s. With the government’s recent adjustments to tax slabs, taxpayers now have an easier route to ...

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. The Government of India provides ...

Income Tax: The last date to file the income tax return (ITR) for FY 2024-25 will soon expire on September 15. If you have yet to file your income tax return (ITR) for this year, it is important to ...

The issue was whether a trust with mixed charitable and religious objects could be denied 80G approval. The Tribunal held that composite trusts are eligible if religious expenditure stays within ...

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. The Income Tax Act, 1961 (the IT Act) ...

Section 80C lowers your tax liability by a maximum of ₹1.5 lakh through instruments like PPF, ELSS, and life insurance premiums. But once that limit is reached, most taxpayers overlook other ...

New Delhi: The Income Tax Department has initiated a sweeping crackdown on fraudulent claims of deductions and exemptions in Income Tax Returns (ITRs), targeting widespread misuse across the country.

Donations received by charitable and religious trusts are exempt from taxation, provided they comply with certain prescribed conditions. The taxation of such trusts is primarily governed by Section 11 ...