View quick summary Certain Non-Government Organisations (NGOs) have received notices from the Income Tax department. Several notices not only demand taxes to be paid but also press for revoking the NGOs’ registration under the I-T Act.
Helpage India, which renders assistance in setting up and running old-age homes, has received a scrutiny notice. Development Alternatives, an NGO that promotes sustainable development models, was punished with a notice demanding tax of Rs 5 crore. PRIYA, which encourages rural development through grassroots establishments, received a notice of Rs 42 lakh.
NGOs whose funds come from abroad are registered under the Foreign Contribution Regulation Act. Such NGOs started receiving tax notices since August after an Income Tax Law amendment in 2008.
The NGOs plan to chalk an action plan to address some anomalies in the Direct Taxes Code (DTC), which will come into effect from next year. The DTC requires that NGOs do not carry forward current year funds to the next year; else they are to pay 15% of the amount as tax.
Out of the 4 crore income tax returns (ITRs) filed during the financial year 2011-12, 1.64 crore were filed online. Majority of these were ...
Most individuals who have travelled outside India for jobs, open a bank account in the visited country. In most cases, the account is not closed ...
View quick summary You know it’s time. It’s April and your employer has asked you to submit I-T declaration. You understand that tax ...
View quick summary Very soon, your employer will ask you to submit Tax Declaration for Financial Year 2012-13. Based on your declaration, the HR/Finance ...
View quick summary A salaried person gets a fair idea about what his annual income would be at the beginning of the financial year. Still ...
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