admin's blog

Section 80g of income tax act 1961 is a vital act. The Income Tax Act has a provision known as section 80g that enables taxpayers to claim deductions for a variety of donations made.

Section 80g is of a great benefit to the corporates and multi national companies where annual turnover are in crores. If they donate to NGOs having 80g registration, they will get fifty percent tax rebate of the donated amount. 

New Registrations

NGOs must register with the IRS under section 12a in order to claim exemptions under Sections 11 and 12 of the Income Tax Act of 1961. NGOs have a variety of alternatives for choosing the constitution type, including trust society, and section 8 businesses.

The government's tax and other revenue receipts as well as the expenditures covered by those same revenues are included in the revenue budget. The revenue budget projections for financial year 2022-2023 state that revenue expenditures are anticipated to amount to Rs. 31,94,663 crore and revenue revenues are anticipated to equal Rs 22,04,422 crore. The estimated revenue shortfall is Rs. 9,90,241 crore or 3.8% of GDP.

(1) Cases or Classes of Cases those Members Must consider (administration)

Gratuity

To recompense the employee in the case of a job loss brought on by a reduction in the workforce, the Voluntary Retirement Scheme was created. Employees of the following organisations are given access to it:-

(1) Public sector organisation

CIT (Audit & Judicial) (Audit & Judicial)

(1) All documents pertaining to Audit and Judicial.

(2) The circular group's leader.

Governments placing imposed levies on individuals or organisations is known as taxation. Almost every country in the world levies taxes, which are primarily intended to finance government expenditures but may also be used for other purposes.

PENSION