Gsoftnet

On Cash Payment of more than 10,000 at a time no deduction under section 80G.

On cash payment of more than 10,000 at a time no deduction under section 80G of new sub-clause 5(D) of income tax Act, there will be no deduction in case donation is made in cash more than 10,000. Before this amendment there was no such limitation of cash payment of Rs.10,000 etc. This amendment will be effect from 01st April 2013 and will accordingly apply in relation to assessment year 2013-14 and subsequent assessment years.

Amendment of section 80G vide finance Bill 2012 dated 16.03.2012

27. In section 80G of the Income-tax Act, after sub-section (5C), the following sub-section shall be inserted with effect from the 1st day of April, 2013, namely -

“(5D) No deduction shall be allowed under this section in respect of donation of any sum exceeding ten..

0 comments:

Post a Comment