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When an assessee operates a business in India that entails the prospecting, extraction, or production of petroleum, natural gas, or both, and for which the Central Government has signed a contract with the assessee for the operation of the business, the assessee has, prior to the end of the prior year:-

The Income Tax Act of 1961's regulations relating to corpus donation's taxability has undergone significant revisions as a result of the Finance Act of 2021. We are all aware that a trust is immune from paying income tax on corpus donations received.

The advantages of NGO registration in India are numerous. The income tax rebate received under Sections 12a and 80g serves as the fundamental rationale. NGOs that have received 12a registration are eligible to apply for an exemption from the income tax division. Donors provide more money to NGOs that have earned an 80g certification. If they are not registered, NGOs must pay ordinary tax rates.

"Information technology software" is any representation of instructions, data, sound, or image, including source code and object code, recorded in a machine-readable format, and able to be modified or provide interactive functionality to a user, using a computer, an automatic data processing machine, or any other device or equipment. A wonderful excerpt on 80 g begins here.

If they meet specific requirements, small service providers may qualify for service tax exemptions. A comprehensive list of the services or service providers that qualify for these exemptions is also provided.

Note: As of July 1, 2017, the Goods and Services Tax (GST) has taken the place of the Service Tax.

Any taxable service for which service tax is assessed based on its value shall:-

(a) be the gross amount charged by the service provider for the service that is being given or that is scheduled to be delivered, if the supply of the service is for consideration in money;

Software for information technology (IT) includes:-

(1) The creation of software through research, analysis, design, and programming.

Over the past ten years, changes have been made to the Indian taxation system, resulting in improved compliance and easier tax payment.

The National Board of Direct Taxes (CBDT), which functions under the auspices of the Finance Ministry of the central government, is responsible for administering the Income Tax Act in India.

The tax rate in India

Savings accounts are designed to encourage more saving, as opposed to current accounts, which allow for unlimited transactions and don't offer interest. Savings accounts are advantageous for those with regular incomes. For instance, only the interest generated above Rs 10,000 is subject to tax under Section 80TTA since there is a deduction of Rs 10,000 on such interest incomes.