The donors shall be eligible to claim 100% of the amount of donation as a deduction under section 80G of the Income Tax Act while filing their income tax returns.
Our finance minister had announced in the Union Budget that a facility for an instant e-PAN shall be launched. Accordingly, this facility has been launched and available where taxpayers can apply for PAN basis the Adhaar they hold. Through this facility, applicants can apply and get PAN immediately and free of cost.
As the world is going through major health risks due to the corona pandemic, it is also facing economic risks in parallel due to lockdown in many countries because of the corona pandemic. As the entire country has come to a standstill, it has affected the earnings of many people thus leaving them with concerns for their future.
Every assessee, to whom GST is applicable, pays the GST in the form of cash/bank transfer. Such a deposit reflects under electronic cash ledger in the account of the assessee on the GST portal. Thus this amount reflecting under electronic cash ledger is used to pay off GST taxes, penalty, interest, or any other amount payable under the GST Act.
All about Advance Tax for Taxpayers
What is Advance Tax?
As it can be easily understood, it is payment of the taxes in advance instead of lump sum payment at the end of the year. A taxpayer is liable to pay taxes in advance i.e. before the end of the year. Any taxpayer whose tax liability for the year is Rs. 10,000/- and more shall be liable to pay advance tax. It is popularly known as ‘pay as you earn’ scheme.