akhilesh's blog

An Inspecting Assistant Commissioner may request and review the record of every proceeding in which an evaluation is pending on his own initiative, upon the Income-tax Officer's referral to him, or upon the application of an assessee. If he determines that it is necessary or expedient to do so due to the nature of the case, the amount involved, or for any other reason, he may issue whatever directions he deems appropriate for the guidance of the Income-tax Officer.

If you have donated to charitable trusts or other organisations that are authorised to provide you tax exemptions, you may be excluded from paying taxes in part or whole under the terms of an 80g certificate. You can use section 80g tax exemption if you are a charity organisation or trust that is registered under section 12A. There is a cap on how much may be deducted, though.

When an assessee, an individual who resides in India and is a patentee, receives royalties related to patents registered on or after April 1, 2003 under the Patents Act, 1970 (39 of 1970), and his gross total income from the prior year includes royalties, he is permitted, in accordance with and subject to the rules of this section, to deduct an amount from such income equal to the full amount of the royalties received.

The services that a business provides to a client or customer before being paid for those services are referred to as services delivered. At the completion of a service agreement, an accountant generates an invoice outlining the work performed and delivers it to the customer for payment. Before a project starts, contractors frequently give a preliminary budget.

A tax exemption is a privilege to have some or all of one's income free from federal or state taxation. The majority of taxpayers are eligible for a number of exemptions that can be used to lower their taxable income, while certain people and organisations are fully free from paying taxes. Let us understand it with an example. Ramesh has been working in the field of social service for the last 3 years.

Any revenue falling under one of the following clauses shall not be included in calculating the total income of a person's prior year:-

(a) agricultural income,

Central government

Crystal Consultancy has been built to pander to the necessities of many Ngo's everywhere in India and is the main organisation giving different benefits in appreciation of 12a and 80g.

When an assessee's gross overall revenue includes profits and gains from any business, the assessee shall be permitted, in accordance with it and subject to the requirements of this section, to deduct from such profits and gains an amount equal to the percentage and for the number of years of assessment specified in this section when computing the assessee's total income. Get registration of 80g done for your NGO.

When an Indian firm or a person (other than a corporation) who is a resident of India is an assessee, and their gross total income includes any earnings and gains from the business of:-

(a) the completion of a foreign project that the assessee undertook in accordance with a contract he engaged in, or