Society
sachin jain (gdsh) (96 Points)
21 June 2014
if I transfer all my income which is around 500000 to a NGO which is exempted under income tax act how much tax I had to pay
Ashwin N
(Chartered Accountant)
(192 Points)
Replied 27 June 2014
You will be liable for Rs.5 Lacs taxable income subject to deduction of 80 G.
paying the amt to NGO means your are transferring your income.hence your liable to pay tax on income subject to deduction under chapter via
CAclubindia
