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How Much Is TDS on Salary?

Late TDS Return Filing Penalty

The Income Tax Department imposes the following penalties for failure to submit or delays in submitting your TDS return or statements:-

Temporary lifting of limits on donations to charities

The percentage of charitable cash contributions taxpayers may deduct on Schedule A as an itemized deduction is typically capped at a percentage (often 60%) of the taxpayer's adjusted gross income (AGI). There is no restriction on qualified contributions.

Current registrations are transferred (As amended by Finance Act, 2020)

A non-profit organisation (NGO) can get income tax exemption by registering and meeting certain additional requirements, but such registration offers no advantages to those who make gifts. There are certain sections in the Income Tax Act that provide tax advantages to the "donors." The benefits of these regulations should be utilised by all NGOs to draw in new funders. One of these portions is 80G.

How to get 80g registration?

The Commissioner of Income Tax shall handle registration under this provision after receiving an application from the applicant in Form 10G. The following papers must be included with the application:-

Darpan Id is a mandatory requirement

It is mandatory for organisations requesting registration or revalidation under the revised requirements of section 80g to provide information about their registration number on the Niti Aayog website.

On production, consumption, or on transactions, such as imports and exports, indirect taxes are imposed. Taxes on every part of production or manufacture, taxes on legal activities, general and selective sales taxes, value added taxes (VAT), and customs or import charges are a few examples.

Online Payment

Direct taxation is a must for everyone. However, the following individuals must pay their direct taxes online since they are unable to use physical means of payment:-

(a) All businesses

The impact taxes have on how income and wealth are distributed allows us to differentiate between them. A proportionate tax is one in which the relative burden placed on each taxpayer is the same, i.e., one in which the ratio of income to tax due is constant.