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Finance Bill 2012- proposed amendments and need to simplify section 80G. (With thanks by professionals for undesired complexity in provisions)

Income Tax - Direct Tax Code - DTC - By: - CA DEV KUMAR KOTHARI - Dated:- 1-4-2015 - Complex provisions: The Income-tax Act contains major of provisions which are very complex and difficult to understand even by people especially literate in law and even those who specialise tax laws. For example, I refer to definition of relative in S. 56 and provisions of S.80G. Both these provisions concerns common people at large and both are very complex. I receive many calls from relatives and friend about .....

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guage, which can be simplified by proper classification under different head. For example: Donations which are eligible for deduction @100% Donations which are eligible for deduction @ 50% Donations which are subject to limitations of 10% of eligible Gross Total Income, Donations which are not subject to limitations of 10% of eligible Gross Total Income (EGTI), Eligible Gross Total Income(EGTI) What is not allowed in case of companies and, under which circumstances? The above aspects can b .....

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be claimed under head income from business or profession as well as deduction under Chapter VIA, if assessee has no income from business or profession. In fact some donations , payments or contributions in nature of donations, can results into business loss which can be carried forwarded. Therefore, it is clear that such donations are also akin to an expenditure or loss. Therefore, donations which are eligible for deductions equal to 100% and which mainly concerns welfare of public at large and .....

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nd letters sub-clause (iiihj) or , the words, brackets, figures and letters sub-clause (iiihk) or sub-clause (iiihl) or shall be inserted; (II) after the words, brackets, figures and letters sub-clause (iiihl) or , as so inserted, the words, brackets, figures and letters sub-clause (iiihm) or shall be inserted with effect from the 1st day of April, 2016; (B) in sub-section (2), in clause (a),- (I) after sub-clause (iiihj), the following sub-clauses shall be inserted, namely:- (iiihk) the Swachh .....

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); (II) the following sub-clause shall be inserted with effect from the 1st day of April, 2016, namely:- (iiihm) the National Fund for Control of Drug Abuse constituted under section 7A of the Narcotic Drugs and Psychotropic Substances Act, 1985;( 61 of 1985) or . Notes on Clauses: Clause 21 of the Bill, seeks to amend section 80G of the Income-tax Act relating to deduction in respect of donations to certain funds, charitable institutions, etc. Under the existing provisions of the aforesaid sect .....

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o provide for a deduction of hundred per cent. in respect of the sum donated by an assessee to the Swachh Bharat Kosh set up by the Central Government, other than the sum spent by such assessee in pursuance of Corporate Social Responsibility under sub-section (5) of section 135 of the Companies Act, 2013. It is further proposed to amend sub-section (1) and sub-section (2) of the said section so as to provide for a deduction of hundred per cent. in respect of the sum donated by a resident assesse .....

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t. deduction in respect of donations made to the National Fund for Control of Drug Abuse constituted under section 7A the Narcotics Drugs and Psychotropic Substances Act, 1985. These amendments will take effect from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016- 17 and subsequent years. Observations of author: Donations to (a) Swachh Bharat Kosh, and (b) Clean Ganga Fund both set up by the Central Government will be eligible for deduction of 100% and donati .....

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