income tax act

Clarification issued on the Investment and Turnover for MSMEs Classification

msmes investment

The government had recently introduced a new definition for Micro, Small, and Medium Enterprises (MSMEs). This was based on investment as well as turnover. Government Introduces a New Definition of MSMEs   However, notification left MSMEs in dilemma on how to compute the investment and turnover figure. This is necessary to find out the correct … Read more

Govt Clarifies Residential Status of NRIs in India during Lockdown

residential status of NRIs

Central Board of Direct Taxes (CBDT) has recently clarified on the residential status of NRIs staying in India during Lockdown. The COVID-19 lockdown has not only brought businesses to a halt but has also changed the way of life. Besides, some important legislative changes have taken place in the past few days. Recently a change … Read more

Donation to Ram Janambhoomi Mandir eligible for 80G Exemption

80g exemption for Ram Janambhoomi trust

The Tax department has announced on 8th May 2020 that Shri Ram Janambhoomi Teerth Kshetra Trust has been placed under section 80G of the Income-tax Act 1961. With that, any donation made to the Ram Janambhoomi Teerth Kshetra Trust will be totally tax-exempted under the provisions of section 80G of the Income Tax Act for … Read more