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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]
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.
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]
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.
Donations to St. Judes are eligible for tax exemption under Section 80G of the Income Tax Act, 1961. About the Founders Nihal Kaviratne CBE: As a result of his 40 ...
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 ...
Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined in Section 10(1) of the Income-tax Act, 1961. [2] Income-tax law consists of the 1961 act, Income Tax Rules 1962, Notifications and ...
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