Income Tax department sends Notices over Donations to Charitable Trusts
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The income tax department in India has issued notices to around 8,000 taxpayers on account of them making large donations to charitable trusts, which are believed to be attempts to evade paying tax.
Tax officials say that these individuals and entities have made donations not commensurate with their earnings, while the donated amount is the exact sum required to get an exemption or lower the tax slab. Officials are now investigating independent tax experts who facilitated these transactions.
The notices were sent over a three-week period from mid-March to early April, and more are expected to be served. (Source - Economic Times)
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Tax officials say that these individuals and entities have made donations not commensurate with their earnings, while the donated amount is the exact sum required to get an exemption or lower the tax slab. Officials are now investigating independent tax experts who facilitated these transactions.
The notices were sent over a three-week period from mid-March to early April, and more are expected to be served. (Source - Economic Times)
CLICK ON THE LINK TO WATCH COMPLETE VIDEO,
https://www.youtube.com/watch?v=-g1K0laUPXM
Category : Income Tax | Comments : 0 | Hits : 5465
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