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 admissibleMonday, 3 December 2012
In Cash Transaction Donation is not eligible exceeding Rs. 10000/- u/s. 80G
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)
Rules Service PE cannot be constituted by mere presence of employees (with no actual service) or virtual rendering of services from abroad
In a recent ruling, the Delhi High Court affirmed the decision of the Tribunal in Clifford Chance Pte Ltd. v. ACIT, holding that a foreign...
-
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...
-
An eminent concern within the GST framework pertains to the entitlement of Input Tax Credit (ITC) concerning expenditures associated with In...
-
Introduction: ADR’S, GDR’S: These are commonly known as Depository Receipts (‘DR’), a negotiable security issued outside India by a deposi...
-
Section 68 -Cash credits Section 69 -Unexplained investments Section 69A - Unexplained money, etc Section 69B -Amount of investme...
-
In the case of "Maya Gopinathan vs Anoop SB 2024 INSC 334," the Hon'ble Supreme Court provided insightful guidance on the de...
-
In Standard Castings Private Limited v. ITO , the Hon’ble ITAT Delhi allowed the assessee’s appeal and set aside a demand that had continu...
-
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...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
Key Notes: Transfer pricing relates to the pricing of transactions (such as transfer of goods, services, intangibles and funds) that t...
-
If you are an NRI or foreign national and you have a taxable income in India then buck up and get a PAN card. Getting PAN Card in India by...
No comments:
Post a Comment