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Budget 2021: What is 80G of Income Tax Act? Some entities are not notified for donation purpose by the income tax department, so, be careful about which entity you donate to. January 23, 2021 / 03:32 PM IST Using the deductions available under Section 80G, taxpayers can save tax while doing some good work. Section 80G of the I-T Act allows donations made to specified relief funds and charitable institutions as a deduction from gross total income before arriving at taxable income. Some entities are not notified for donation purpose by the income tax department, so, be careful about which entity you donate to as you will not be able to claim any deduction on donations to unnotified entities. Also, even on donations to notified entities, you can claim 100 percent deduction only on donations to a specified list. ....
Missed claiming tax deductions in investment declarations? Do it while filing returns So long as you make your tax-saving investments or incur certain expenses within March 31 (July 31 this year), you are still allowed tax deductions January 10, 2021 / 07:29 AM IST Despite multiple reminders from employers, many tend to delay submitting proofs of tax-saver investments, resulting in higher tax deduction from their salary during January, February and March. Some get overlooked due to inadequate awareness of the range of tax reliefs available. “While it is important to declare all tax saving investments at the time of TDS computation, you can even claim tax breaks that you might have missed out, by providing details at the time of your IT Return Filing. We have seen tax-payers typically forgetting to avail of several income tax deductions under sections 80C, 80D and 80E. They generally remember home loan repayment, but tend to overlook children’s tuition fees ....