Rajat Rajkamal Agarwal’s Post

Story Of a “ Bottle of Whisky “ My friend Suhas donated Rs.5000 to PM/ CM Relief Fund. On the other hand, I bought two bottles whisky worth Rs 5000/-. The question is who contributed more to the growth of our country ? 01. On the Rs 5000 Suhas donated, he got a 30% tax rebate. Therefore, he actually landed up earning back Rs 1500/-. In other words, by donating Rs 5000 he made a net contribution of just Rs 3500/- to the country. 02. On Alcohol, the total taxes (excise and GST) added up to approximately 72% of the MRP. So when I paid Rs 5000,/-, Rs 3600/- went to the state exchequer... Against 3500 rs from Suhas ...and 48 pegs of pleasure from two bottles 750 ml whisky bottle 🍷🍷. And the tandoori chicken , peanuts, soda and other bites he consumed worth Rs 5000 along with whisky contributed about 1000 Rs more to government. That makes it 4600 vs 3500. Therefore, not only did I contribute more, I created jobs at the Distillery, their suppliers of labels, bottles, caps, machinery , Poultry farms , Snack companies, jobs at the Marketing Company, jobs at the Wine Shop , Retail shops selling chicken, snacks and moreover I was in high spirits doing so, .... while Suhas doesn't even know where his money went !! Think of it... Next time, Buy a Bottle of Whisky ‘you’ serve your Nation !!! Be a responsible citizen!! Have a lovely day and also be in high spirits !!!🥃🥂 #sarcasm #life #whisky #brandy #beer #party #donation #connection #testing #ipo #hindenberg #funstories

On 11 March 2024 FEBA published a Joint Statement on VAT relief for donations together with EuroCommerce, Federation of the European Sporting Goods Industry, TIE: Toy Industries of Europe. 📣 In many EU countries, companies are facing incremental VAT costs when donating surplus food and non-food products to charities and other charitable causes. Even though the EU VAT Directive gives Member States the possibility to define VAT relief conditions for donations to charitable organisations, only a handful of countries make use of this VAT neutralisation option. Removing VAT on charitable donations could help manage surplus inventory sustainably and Member States can create taxation laws that are in line with the Green Deal’s goals.   ➡ We ask the EU Commission to play a leading role in encouraging Member States to leverage VAT neutralisation options provided by the EU VAT Directive, allowing unsold food and non–food products to be supplied for free to recognised donation organisations, without triggering an incremental VAT cost for the donor. Read more here: https://lnkd.in/eHvsedXW #WeAreFEBA #VATRelief #Sustainability #FoodDonation #simplifyVAT #FoodBanks

As the festive season unfolds, businesses can convert excess food inventory into Tax Savings. The Enhanced Deduction for Donated Foods lets you support the community and manage your taxes. Don't let leftovers go to waste; let them lighten your tax load instead. Read on to discover how the Enhanced Deduction for Donated Foods can combine goodwill and tax savings to make charitable food contributions better for everyone. https://lnkd.in/ejQCNVMS Jody H. Chesnov, CPA, Jeff Coyle, Darren Schulman CPA #EDDF #FoodDonation #BusinessGiving #TaxTip #TaxDeduction #HolidaySeason #TaxSavings

Yesterday the ICAEW announced its manifesto of policy recommendations for the next government. A key recommendation is for meaningful tax simplification. Charities are rightly recognised in the manifesto with the challenges they face in getting help from and engaging with HM Revenue & Customs customer services and systems. The UK has one of the longest tax codes in the world so let’s hope the ICAEW gets its recommendations implemented in the coming year. The recommendations are here: https://lnkd.in/e__CkXuR #ukproductivity #charities #taxsimplification #manifesto #icaewmanifesto 

When did you last review your business water costs? Did you know a business can switch water suppliers? In April 2017 the water retail market was opened up allowing 1.2 million businesses, charities and public sector organisations to move between water retail suppliers and were no longer restricted to buying water services from their regional monopoly. Email a recent water invoice to info@thefuelandenergyguy.co.uk for a no obligation review. #ceo #facilitiesmanagement #water

GOOD READS: CPA Charity Akatukwasa shares the likely impact of selected proposed amendments to the taxing Acts for the year 2024 – 2025 focusing on excise taxes via https://lnkd.in/dfYbSDmj #WeCreateImpact #KnowYourBudget2024

A call for VAT relief for donations! 📢 Businesses across the EU face VAT costs when they wish to donate surplus food and non-food products to charities. Donations should be a viable option for dealing with excessive inventory in good condition. However, by imposing VAT on donations it becomes financially unattractive to make donations, thus preventing the aim of creating a real circular economy. Even though member states can define VAT relief conditions for donations according to the VAT Directive, few countries implement such provisions, to the disadvantage of both companies and charities. We urge the EU Commission to act and promote the removal of VAT obstacles when companies wish to donate! For more information read our position paper on VAT relief for donations 👉 https://lnkd.in/e4EitjGX Our position paper in short: 💡 Why It Matters: The current VAT rules hinder SMEs and larger companies from donating and keeping charities from receiving crucial resources. Moreover, donating surplus products would also be aligned with the EU’s circularity goals. 🚀 Immediate Steps: The EU Commission should spearhead efforts to encourage Member States to adopt VAT relief options. Being able to donate without additional VAT charges would incentivize businesses to do so and would allow charities to receive much needed resources. 🔍 Long-Term Vision: We call on the EU Commission to clarify existing VAT relief options in the VAT Directive and to amend the provisions in a clear manner. 📣 Let’s advocate for VAT relief on charitable donations to make them more feasible for businesses and to facilitate charities and the EU sustainability goals. Let’s drive change together! #Donations #VATrelief #EuroCommerce WWF European Policy Office European Food Banks Federation - FEBA Oxfam REDCROSS.COM Harald Past

We are excited to announce the kickoff of our Avenue Giving Food Drive! This is a fantastic opportunity for team members and residents to join forces and create a meaningful impact in our communities by donating sought-after non-perishable food items or by contributing monetarily to those affected within the prairies through Food Banks Alberta and Food Banks Canada | Banques alimentaires Canada.   Last year, we successfully raised over $11,000, and this year, we're aiming to surpass that goal as food bank usage continues to rise year after year.    Tara M., Vice President of Marketing at Avenue Living Communities, stated, "the undeniable truth is that food prices have significantly risen in recent years. There were two million visits to food banks last year alone, marking a staggering 32 per cent increase compared to March 2022. What's even more disheartening is that children make up approximately one-third of these users."   In light of this, we're determined to make a collective impact through this effort. From Nov. 13 to Dec. 8, we encourage everyone to join us in this worthy cause. For every pound of food collected, we will contribute an additional $1, and we'll also match all monetary donations.    "Every contribution, no matter how small, can go a long way in helping those who are struggling to put food on the table for themselves and their families. By coming together as a community, we have the power to create positive change that will benefit all of us," says Tara.     Let's unite to fight hunger and create positive change - https://lnkd.in/gJy7ewPn    #FoodDrive #AvenueGiving #Community #CollectiveImpact #FightHunger #GiveBack #CommunitySupport #PropertyManagement

🌟 Exciting News for Shri Ram Trust Donors!  Jai Shree Ram! 🌟 Discover the key highlights for claiming deductions under Section 80G of the Income Tax Act when donating to the Shri Ram Janmabhoomi Teerth Kshetra. Here is the quick insight about the 80G deduction: - 1.     Who is eligible for deductions? All taxpayers, including individuals, companies, firms, LLPs, etc., can claim deductions under Section 80G for donations to Shri Ram Trust. 2.     How much deduction can be claimed? Donors can claim a 50% deduction for amounts donated to Shri Ram Trust for the purpose of renovating or repairing the temple. 3.     Deadline for donations: Donations made from FY 2020-21 onwards are eligible for deduction. There's no specific deadline tied to the ceremonial events. 4.     Obtaining the donation receipt: The official website of Shri Ram Janmabhoomi Teerth Kshetra provides various options for contributing. Donors can log in, provide necessary details, and instantly download the donation receipt. 5.     Claiming the deduction: Carefully collect the donation receipt, avoid cash donations exceeding Rs. 2,000, specify the purpose of donation, and ensure you're not opting for the new tax regime. 6.     Form 10BE certificate requirement: Shri Ram Trust is exempt from filing Form 10BD and issuing Form 10BE, making the donation receipt sufficient proof for claiming Section 80G deduction. 7.     How to claim in ITR Form: Use 'Schedule 80G' in the ITR form to report donations to Shri Ram Trust. Ensure accurate details in Table D for donations eligible for a 50% deduction. Remember, your donations make a difference, and now you can also enjoy tax benefits. Make sure to adhere to the guidelines for a seamless deduction claim! 🌐💙✨ #Taxation #Section80G #ShriRamTrust #Donations #TaxBenefits #Taxmann