What Income Tax Form 26AS contains? Form 26AS is the annual statement in which the following details of taxpayers are disclosed – Tax deducted at source, or Tax collected at source, or Advance tax or Self Assessment tax paid by the taxpayer, Refund received, High-value transactions These details are as per the database of Income-tax […]
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Income Tax Return: Documents required for AY 2020-21 ITR filing Income Tax Return An Individual is required to file the income tax return before 31st July of the following financial year. This AY 2020-21, due to COVID-19, the last date has been extended to 30th November 2020. To make the process of filing ITR easy,
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Section 12AB | Finance Act 2020 | Amendment in Section 12AA/ 80G/ 80GGA The Finance Act 2020 had made significant changes to the taxation and the governance of Charitable trusts and institutions existing as well as new. The changes pertain to: Procedure for obtaining registration / re-registration for claiming exemption by entities registered under section
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Re-registration u/s 12AB for all Charitable Trusts: – All the charitable trusts, section 8 companies, Societies etc need to register again with the Income Tax Authority within 3 months from 1st October 2020. All such existing charitable trusts/institutions to apply for re-registration of 12A (w.e.f. 1st October 2020). It has been proposed that all existing
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Donations Eligible Under Section 80G and 80GGA Section 80G Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Income Tax Act. All donations, however, are not eligible for deductions under section 80G. Only donations made to prescribed funds qualify as a deduction. This deduction
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