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It is important to note that any donations received by the political party are entirely exempt from income tax, thereby affording the donor the opportunity to claim income tax exemption for the donated amount. [3] As of 2023, tax evasion is a major concern among approximately 3,000 RUPPs in India. There were around 2,300 such parties in March 2019.
Domestic tax-exempt entities face similar concerns when investing in funds structured as partnerships. While tax-exempt on income related to their tax-exempt purpose, tax exempt entities are required to file tax returns and pay income tax on “unrelated business taxable income,” commonly referred to as UBTI.
The scheme was aimed at encouraging the flow of savings of small investors in the domestic capital market, and presents investors with tax benefits provisioned as a new section, 80CCG, [3] in the Income Tax act. The 2017 Union budget of India had stated that the scheme be phased out entirely by 2018, citing the lack of adoption. [4]
Members of the executive committee include the Prime Minister of India as chairperson, Home Minister, Defence Minister and Finance Minister—Treasurer. [1] [2] [3] Donations to the National Defence Fund are 100% tax exempt. [4] [5] Donations can be made through an online government portal also. [6]
The act, which became effective on 1 April 1962, replaced the Indian Income Tax Act, 1922. Current income-tax law is governed by the 1961 act, which has 298 sections and fourteen schedules. [9] The Direct Taxes Code Bill was sponsored in Parliament on 30 August 2010 by the finance minister to replace the Income Tax Act, 1961 and the Wealth Tax ...
Tax advantage refers to the economic bonus which applies to certain accounts or investments that are, by statute, tax-reduced, tax-deferred, or tax-free. Examples of tax-advantaged accounts and investments include retirement plans, education savings accounts, medical savings accounts, and government bonds.
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Individual income tax exempt slab increased from ₹ 160,000 to ₹ 180,000. Food inflation, corruption still a concern; Targets: To keep inflation at 5%, fiscal deficit at 4.6% while fiscal deficit for previous year was 5.1%, revenue deficit at 1.8%. Indian economy expected to grow at 9%.