The Ministry of Corporates Affairs has clarified through a set of FAQs (Frequently Asked Questions) the eligibility of Corporate Social Responsibility (CSR) expenditure related to COVID-19 activities. Payment of salary to employees during the lockdown period can be adjusted against the CSR expenditure? General Circular No.15 /2020 No. CSR-01/4/2020-CSR-MCAGovernment of … [Read more...]
PM CARES FUND Donations will be admissible in Form 16 u/s 80G
The Department of Revenue has notified through an order that the contributions made to the PM CARES FUND are in the form of a consolidated payment. The deduction in respect of such donations as indicated above will be admissible u/s 80G of the Act on the basis of Form 16 (Form 16 Certificate). F.No.178/7/2020-ITA-IGovernment of IndiaMinistry of FinanceDepartment of … [Read more...]
Income Tax to release all pending income tax refunds up to Rs 5 lakhs Immediately
Income Tax Department to release all pending income tax refunds up to Rs 5 lakhs immediately – Around 14 lakh taxpayers to benefit. All GST & CUSTOM refunds also to be released; to provide benefit to around 1 lakh business entities including MSMEs. Rs 18,000 crore of total refund granted immediately. In the context of the COVID-19 situation and with a view to … [Read more...]
Submission of Form 15G and 15H for Financial Year 2020-21 – CBDT Clarification
Order u/s 119 of the Income-tax Act, 1961 (the Act) regarding submission of Form 15G and 15H for Financial Year-2020-21-reg. In case if a person had submitted valid Forms 15G and 15H to the Banks or other Institutions for F.Y. 2019-20, then these Form 15G and 15H will be valid up to 30.06.2020 for FY 2020-21 also F.No. 275/25/2020-IT(B)Government of IndiaMinistry of … [Read more...]
Income Tax Exemption of Rs. 5 lakhs per annum to pension income
Income Tax Exemption of Rs. 5 lakhs per annum to pension income “Exemption of Rs. 5 lakhs per annum to pension income” Shiv Pratap Shukla D.O.No.370150/9/2017-TPL MINISTER OF STATE FOR FINANCE GOVERNMENT OF INDIA NEW DELHI – 110001 14th November, 2017 Dear Dr. Tharoor ji, Kindly refer to your D.O.letter No. DO/ST/09/2017/986 dated 26.09.2017 requesting for providing … [Read more...]