Income Tax Act and under section 80G provides for a deduction in respect of donations to certain funds, charitable institutions etc subject to the conditions that such funds/ institutions are approved u/s 80G(5)(vi). If the receipt of Donation of Rs. 1 Lacs reveals the fact of approval of the said trust U/s 80G(5)(vi), then you can claim deduction @ 50% of the Donation u/s 80G of the Income Tax Act-1961.
The full amount is not eligible for deduction from Income. 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.
The full amount is not eligible for deduction from Income. 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.
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