Tax interest penalty with reference to tax exemption
When an assessee has been given a deduction for a patent during any assessment year under section 80RRB, and later by a judgment of the Commissioner or the High Court under the Patents Act of 1970, the assessee's name was removed from the patents registry as the patentee for the patent or the patent was cancelled, the reduction from the income by means of royalties related to the time the patent was cancelled or the time the assessee's name was not included as a patentee in relation to that patent would be regarded to have been improperly authorised. Despite any provisions of this Act, the Assessing Officer may recalculate the assessee's total income for the relevant prior year and make any required adjustments. 12a is advantageous for charitable organizations. You are really missing the notes on 80g deduction.
The four years specified in a subsection of Section 154 shall commence on the last day of the year following the year in which the order of the Controller, as mentioned in a clause of that subsection, or the order of the High Court, as mentioned in a clause of that subsection of Section 2 of the Patents Act, 1970 (39 of 1970), as applicable, was passed.
In accordance with this clause, the definition of "extra remuneration" is determined by a clause of section 54's sub-section and the difference seen between the amount of consideration for this type of transfer as increased by any court, tribunal, or other jurisdiction and the amount of consideration that would have been payable if such advancement had not been made is referred to as "additional consideration" in regards to the transfer of any capital gain the selection for which was assessed or approved by the Central Government or the Reserve Bank of India.
Your charity may have no bounds, but charitable tax benefits do. While some gifts are fully deductible, others are subject to restrictions. Anyone may make an u/s 80G deduction claim. It makes no difference whether the assessee requesting the deduction is a person, HUF, company, etc. There is no residency requirement for this deduction.
The sole requirement is that donations may only be made to the designated funds and institutions. Only some donations listed in Section 80G of the Income Tax Act are eligible for a deduction. Kind donations are not permitted. Cash donations are only accepted up to Rs. 2000.
How to determine the Section 80G deductible amount:-
(i) Choose whether the fund or charity organisation falls under the 100% or 50% deduction category (with or without a maximum / qualifying limit). We have the whole list that was discussed before on this site for your convenience.
(ii) No further computations are necessary if the payment is made to the first category; just declare 100% or 50% of the contribution amount as taxable income.
(iii) You must first ascertain the maximum/qualifying limit before sending a payment to the second category. The maximum / qualifying limit is 10% of "adjusted gross total income".
More stuff on section 80g.