The Department of Revenue has notified through an order that the contributions made to the Fund are in the form of a consolidated payment. The deduction in respect of such donations as indicated above will be admissible u/s 80G of the Act on the basis of Form 16 (Form 16 Certificate). F.No.178/7/2020-ITA-I Government of India … Read more
Personal Income Tax Exemption Limit and 80C limit also raised by Rs. 50,000 Personal Tax Exemption Limit Raised by Rs. 50,000/- ; No Change in the Rate of Surcharge; 15% Investment Allowance to Manufacturing Companies, to Incentivize Small Entrepreneurs and Income from Foreign Portfolio Investors to be Treated as Capital Gains. Press Information Bureau Government … Read more
Budget 2014 – CII suggests raising 80C deductions to Rs. 2.5 Lakhs In its Pre-Budget wish list regarding Income Tax 80C, the Confederation of Indian Industries (CII) has suggested to the Finance Ministry that the consolidated deduction under 80C be raised from Rs. 1 lakh to Rs. 2.5 lakhs. Most Central Government employees have savings … Read more