Phoenix Auditing

Deductions on section 80G, 80GGB, 80GGC

 1 Section 80G – Donations Deduction for donations towards Social Causes The various donations specified in 80G are eligible for deduction up to either 100% or 50% with or without restriction. From FY 2017-18 any donations made in cash exceeding Rs 2,000 will not be allowed as deduction.  A. Donations with...

Section 18A of income tax act Significance of PBO Status

What is a Section 18a certificate? Section 18A in essence allows a taxpayer, who has made a bona fide donation to a PBO or certain other institutions, to claim a tax deduction subject to a limit. … The section 18A certificate may only be issued in respect of donations received in cash...

Section 17(1) income tax act

According to Section 17(1) salary includes the following amounts received by an employee from his employer, during the previous year : … any annuity or pension. Income by way of Salary [Section 17(1)] Wages any gratuity any annuity or pension any advance of salary any fees any payment received by an employee...

Section 15 and 16 of Income Tax Act 1961

What is Salaries? What are Deductions from salaries? Section 15 and 16 of Income Tax Act  Salaries and Deductions from salaries are defined under section 15 and 16 of Income Tax Act 1961. Section 15 of Income Tax Act Salaries any salary paid or allowed to him in the...

Section 14A rule 8D income tax act

What is Section 14 A? Section 14A of income tax Act, 1961 deals with expenses incurred by an assessee on income which does not form a part of total income as per the provisions under this Act. In such cases, the particular expenditure may not be allowed as a deduction...

Section 13 13A and 13B of Income Tax Act

what is Section 13 of the Income Tax Act? 1961 specifies the circumstances where exemptions under Section 11 and 12 would not be available for a Trust. Section 11 of the Income Tax Act deals with the exemption of income derived from property held in trust or other legal obligations, relating...

section 12a of income tax act

What is 12a of Income Tax Act? Section 12A of Income Tax Act. Under the Income Tax Act, 1961, non-profit entities such as charitable trusts, religious organizations, NGOs which are registered under Section 12A are eligible to claim full exemption from income tax. What is the Form 12? Form 12 or Form 12S allows you to complete...

Section 11 – Income

Section 11 provides exemption for income derived from property held under trust wholly for charitable or religious purposes to the extent such income is applied for charitable or religious purpose in India. However, this exemption shall be subject to certain conditions. Who can claim the exemption?  Any trust or institution which is registered under section 12AA of Income...

Section 10 Income Tax Act

The objective of section 10 of the Income Tax Act is to reduce the burden of the different structure of the tax such as rent allowance, allowance for children education, travel allowance, gratuity. exemption under section 10 income tax act Leave travel allowance (LTA) Agriculture Income, Life Insurance, Gratuity, l eave encashment, Transport allowance etc. ...

GST Goods and Service TAX

Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017, GST is one indirect tax for the entire country. What are the indirect...