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Whether a trust, society or Section 8 company, the Income Tax Act, 1961 gives all categories equal treatment, in terms of exempting their income and granting 80G certificates, whereby donors to non-profit organisations may claim a rebate against donations made. [2]
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 ...
The act, which became effective on 1 April 1962, replaced the Indian Income Tax Act, 1922. Current income-tax law is governed by the 1961 act, which has 298 sections and four schedules. [9] The Direct Taxes Code Bill was sponsored in Parliament on 30 August 2010 by the finance minister to replace the Income Tax Act, 1961 and the Wealth Tax Act ...
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.
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]
Download as PDF; Printable version; In other projects ... Donations to St. Judes are eligible for tax exemption under Section 80G of the Income Tax Act, 1961. About ...
The 1961 act came in to force with effect from 1 April 1962 by replacing the Indian Income Tax Act, 1922, which had remained in operation for 40 years. The present law of income tax is governed by the Income Tax Act, 1961, which has 298 sections and four schedules and is applicable to whole of India, including the state of Jammu and Kashmir. [12]
Download as PDF; Printable version ... the society was awarded Certificates of Exemption under Sections 12A and 80G of the Income Tax Act, 1961. [8] ... This section ...