Section 80G

Tax savings 2025: Section 80G’s tax benefits under Old Tax Regime – Explained

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Tax savings 2025: Section 80G’s tax benefits under Old Tax Regime – Explained

Tax savings under Old Tax Regime: Taxpayers seeking to optimise their savings for the fiscal year 2024-25 still have opportunities available. One such option is utilising Section 80G of the Income Tax Act to claim deductions for donations made to government-approved trusts. It is important to note that not all charitable contributions automatically qualify for … Read more

Severe tax penalties on these cash transactions; check I-T dept’s latest note

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Severe tax penalties on these cash transactions; check I-T dept’s latest note

The Income Tax Department has recently published a brochure stressing the importance of avoiding cash transactions to reduce the risk of tax penalties. The primary goal of this campaign is to educate taxpayers about the potential financial consequences of engaging in cash transactions, which could result in harsh penalties according to the Income Tax Act. … Read more