sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 Companies (Significant Beneficial Owners) Amendment Rules, 2019
  Tax saving guide for FY 2018-19
 4 lesser known ways to save tax. Filing income tax returns?
 You do not have to pay TDS on FDs under this amount Income tax returns (ITR)
 Income-tax (15th Amendment) Rules, 2019
 How To Calculate Income Tax For Assessment Year 2020-21
 Financial Interim Budget 2019-20
 5 personal tax changes expected in Budget 2019
 Check how much tax would be levied on your income Income Tax returns Invested in debt schemes
 3 taxes no one should have to pay
  Tax saving guide for FY 2018-19

Tax exemption on grounds of charity to be closely scrutinised
January, 05th 2009
To curb the misuse of tax exemption given to charitable organisations, the government will now closely scrutinise accounts of large entities, which include NGOs and trade bodies, after it was found that some of them were allegedly indulging in commercial activities. More than 60,000 assessees in seven metropolitan cities are claiming tax exemption under the Income-Tax Act. Large entities will now be closely scrutinised to check revenue loss, a Finance Ministry official said. Tax statements filed by such entities are by using the ITR-7 form, whose electronic version is not available, the official said, adding the voluminous paperwork involved makes it difficult to ascertain the revenue loss. According to I-T department officials, the Comptroller and Auditor General (CAG) and the higher courts of the country had also asked the department to scrutinise the accounts of such entities effectively. "The effort of the government and the Central Board of Direct Taxes (CBDT) is to make sure that no non-deserving business entity or institution is added to the list," a source said. The government, through the Tax Policy and Legislation division of the CBDT on December 19, 2008, brought out a circular in this context, which defines charity.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions