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Highlights of Finance Act 2020, Charitable trusts and institutions.

Blogs: Events & Updates, Blogs: Income Tax / By

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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Reregistration of Charitable Instititutions from FY 2020-21 onward

Blogs: Events & Updates, Blogs: Income Tax / By

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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Extension of various time limits under Direct Tax & Benami laws

Blogs: Events & Updates / By

Ministry of Finance Posted On: 24 JUN 2020 8:48PM by PIB Delhi In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] …

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Failed online transactions

Blogs: Events & Updates / By

Failed online transaction or transferred money to a wrong account? Here is what to do While the concept of making payments with just a click sounds great, it also comes with a few issues such as transferring money to a wrong account or failed transactions. By Sunil Khosla Ever since demonetisation was announced, there has …

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UNION BUDGET 2020

Blogs: Events & Updates / By

UNION BUDGET 2020 Personal Taxation Existing Income Slab (In Inr) Status of Individuals – General Category250,000Nil250,001-500,0005%500,001-10,00,000INR 12500+20% on excess of INR 5 lakhs10,00,001 & AboveINR 112,500+30% on excess of INR 10 lakhs New Income Slab (In INR) Status of Individuals – General Category250,000Nil250,001-500,0005%500,001-750,000INR 12,500 + 10% on excess of INR 5 lakhs750,001-10,00,000INR 37,500 + 15% …

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