Exemption of Donation u/s. 80G provides by Income Tax Law to Taxpayee who will donate in amount by Cash or in Other Transactions in respect to donate Funds to Charitable Trust or Institutions etc. subject to conditions. The fund donates to Charitable Trust or Institution by Taxpayee. The charitable Trust or Institution are approved u/s. 80G(5)(vi) of Income Tax Act, 1961. It may further be noted that, the full amount is not eligible for deduction from Income while submission of Annual Return to Income Tax Department by Taxpayee. The deduction admissible is @ 100% or 50% of the donation amount depending upon the fund/ institutions to whom the donation is done. The total deduction u/s 80G is restricted to a maximum of 10% of the adjusted gross total income. If the receipt of Donation reveals the fact of approval of the said trust U/s 80G(5)(vi), then you can claim deduction. Recently, by the Finance Act-2012, Section 80G has been amended so as to provide that payment exceeding Rs. 10,000/- will be allowed as deduction u/s 80G only if such is paid by any mode other than cash. You may note that the limit of Rs. 10,000/- is not applicable on aggregate basis but is applicable on individual basis. If one makes a donation of an amount equal to or less than Rs. 10,000/- to one or more than one trust then the deduction would not be denied. But, if the cash donation in an amount exceeding Rs. 10,000/- at a stroke is made to any particular trust then the deduction would not be admissible
Subscribe to:
Post Comments (Atom)
Department of Commerce issues clarification on newly inserted Rule 11B of SEZ Rules
This Tax Alert summarizes a recent instruction issued by the SEZ Division, Department of Commerce, clarifying various concerns relating t...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
Introduction It's important for taxpayers to have a clear understanding of the available allowances and deductions, as they can grea...
-
· Mumbai ITAT in the case of Mukesh Harilal Mehta held that Exemption U/S 54 cannot be denied merely due to mistake by the developer.
-
Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Plea...
-
Earlier this year, the Mauritius Government approved the amendment to the India – Mauritius tax treaty, aligning it with the proposal of th...
-
Slump sale is transfer of one or more business undertakings for a lump sum consideration, without assigning individual values to the each...
-
An eminent concern within the GST framework pertains to the entitlement of Input Tax Credit (ITC) concerning expenditures associated with In...
-
Introduction The law relating to companies is laid down in Companies Act, 2013 and the rules made thereunder and t...
-
Facts · India company has overseas subsidiary companies and there may arise requirement wherein customer execution requires the inv...
No comments:
Post a Comment