Financial Daily from THE HINDU group of publications
Monday, Mar 13, 2006
Financial Daily from THE HINDU group of publications Monday, Mar 13, 2006 |
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Mentor
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Income Tax Columns - For the Asking Donors to charities will have to be on guard
Why have anonymous donations to charities been targeted? T. S. Nachiappan, Chennai This has been done more to know about the identity of the donor than to examine the genuineness of the accounts of the trust. Often influential persons launder their ill-gotten wealth through tax-exempt trusts whose trustees are their handmaidens. They agree amiably to flow-back of consideration to the so-called donor in a spirit of you-scratch-my-back-I-will-yours. The game went on secure in the knowledge that charitable trusts are holy-cows in this country. Mr P. Chidambaram has fluttered their dovecots. A trust will think twice before playing ball with such persons now that donations from unidentified persons would be taxable. The so-called donors would also be on guard now that the taxman may tail him to know about the source of funds out of which he made the donations.
Claiming excess tax paid
Is there any tax benefit on the amount I paid on the stamp duty and registration of my house? If there is such a benefit, what is the maximum limit for that? How can I claim the excess tax I paid? I am likely to get possession of the house in March, but by that time my tax will get deducted. So how can I claim the tax I paid?
Mahesh, email Both stamp duty and registration fee for getting the house registered in one's name make the grade under Section 80C and, therefore, qualify for deduction, subject to the overall ceiling of Rs 1 lakh laid down for various investments and savings, including contribution to provident fund, and so on, from your gross total income. I think your anxiety is the registration would take place towards the fag end of March and will have no time to inform your employer about these payments. In that case, you can inform the tax authorities along with your return, provided you have not utilised already the full limit of Rs 1 lakh as deduction.
(ASK! Send in your queries on accounting, auditing, corporate law and taxation to ask@thehindu.co.in)
S. Murlidharan
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