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The Income Tax Department is the central government's largest revenue ... (up to 100,000 on a loan up to ₹ 2.5 million) §80G – Charitable contributions (50 or ...
Under the Old Tax Regime, individuals earning up to ₹5 lakh were exempt from paying income tax. There is an increase in the rebate limit by ₹2 lakh within the framework of the New Tax Regime. This would effectively exempt individuals with incomes up to ₹7 lakh from any tax obligations under the new system.
FFE has established an organization in India called the Foundation For Excellence India Trust (FFEIT). The organization is recognized as a charitable trust under Section 12A(a) of the Indian Income-Tax Act of 1961. Donations to the Trust are eligible for tax deduction under Section 80G of the Indian Income Tax Act of 1961.
Youth United is an Income Tax exempted Non Governmental Organization, registered under Article XXI of the Societies Registration Act of 1860, [4] India and exempted from Income Tax under section 12A and 80G of Income Tax Act of 1961, India. [5] [6]
In April 2020, the Government of India issued an ordinance to exempt donations made to the Fund before 30 June, allowing them to qualify for a tax deduction under section 80G of The Income-tax Act, 1961. [38] [39] [40]
All donations to the foundation are tax deductible to the extent of 50 percent under section 80G of the Income Tax Act. [1] The foundation is headed by Sonia Gandhi, who is also the leader of the Indian National Congress Party.
K.V.N. Naik S.P. Sanstha Foundation was established on 10 May 1999, It was named as "Krantveer Vasantrao Narayanrao Naik Shikshan Prasarak Sanstha. The institution is registered as Charitable Trust under the Bombay Public Trust Act, further Trust is registered under the section 12A and Section 80G of Income Tax Act.
Income Tax Department. The Income-tax Act, 1961 is the charging statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 1957. However the bill ...
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