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BT Insight: Donated to PM CARES Fund? Here’s how can save income tax

The donations made to the PM CARES Fund would be eligible to receive 100 percent deduction under Section 80G of the Income Tax Act. This simply means that you won't have to pay any tax on the amount donated to PM CARES Fund

 
 
If you consider to take loan to meet this temporary shortage of funds, you have a cheaper loan option that you can avail at just 1 per cent. Let's understand how
Digitisation has made claiming tax benefits as simple as the swipe of a card or the click of a button - you choose - it's the age of convenience after all.
The I-T Department to issue notices to over one lakh entities and individuals, who deposited huge cash in banks post demonetisation
July 31 is usually the last date for filing income tax returns (ITR), but this year, it was extended to August 5 to give more time to tax filers.
Investing in ELSS not only reduces your tax liability but gives greater liquidity, lesser lock-in period, the option of investing using SIPs or in lumpsun and more.
 
 
If the gift amount is significant, chances are you will end up paying the highest tax rate of 30 per cent on your gift
An ITR return needs to be verified within 120 days of filing of tax return.
The currency is not recognised by the government and come under the purview of no authority.
The tax filing season is about to start. For salaried class, tax is deducted at source (TDS) by the employer and is deposited to the tax department.
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