Saving On Taxes By Resorting To Fake Donations And Deductions May Soon Be A Thing Of The Past With The Income Tax Department Now Assessing Income Tax Returns (Itrs) Using Artificial Intelligence (Ai). The Department Is Currently Conducting Reassessments Of A Significant Number Of Income Tax Returns. Specifically, It Is Placing Emphasis On Cases Where Taxpayers Have Claimed Deductions For Donations Made To Charitable Trusts And Political Parties During The Fiscal Year 2019.
3 Jul 2023Tax evasion is a big problem in India. Those who can, exploit loopholes in existing rules to avoid paying taxes. One such loophole is the tax exemption status of charitable trusts which the tax department suspects is being used by the salaried, self-employed and businesses to evade taxes. As a result, the Central Board of Direct Taxes has decided to tighten the norms for charitable, religious, and educational trusts. Watch to find out the details.
27 Jun 2023The simple mission of Donorbox is to 'provide nonprofits with simple, effective tools to manage their fundraising activities and connect with donors on a deeper level'.
5 min read25 Aug 2020Donations received from specific charitable organizations are not taxable
3 min read18 Jun 2020Nationally, the BJP has declared that it received ₹437.04 crore from nearly 3,000 donations while the Congress declared receiving ₹26.65 crore from 777 donationsCongress workers say that they are reluctant to mobilise funds without holding any post as it could be for nothing if the leaders favour someone else
3 min read15 Aug 2019Ortega had come under fire from the anti-establishment platform Podemos for his donations of expensive cancer-treatment machines to public hospitalsOrtega, who controls the Zara clothing chain, set up a six-year program in 2015 to donate 310 million euros ($347 million) to the public health system
1 min read28 May 2019Exemption limits on donation can vary depending on the institution and the Section under which it is registered
2 min read7 Nov 2018From setting up crisis management teams to signing up with the right non-profits, here are some things companies can do when a natural disaster strikes
6 min read2 Sep 2021Leaders also need to encourage critical thinking and thoughtful action
4 min read2 Sep 2021At HDFC Bank, the employees can choose a cause they support and the bank pitches in to provide foundation for it
3 min read24 Jul 2018The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared