80g

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SAMIR DESAI (Querist)

05 March 2012 DEar Sir,

My company nature of business is comission,services provider & trading of furniture items,my company profit is 1700000/- & i make donation u/s 80G of Rs. 300000/- than how much amount exempted

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)

05 March 2012 Dear Mr. Samir Desai

Assuming that the company as you mentioned is the prop. firm of your. Deduction u/s 80G will be least of the following:

(1) 100%/50% of eligible donation amount
(2) 10 % of Adjustable Total Income (ATI)

whereas ATI means "total income after claiming deduction except of sec 80G"

So in your case in m y view that exempted amount is :

(i) 3,000000 * 50% = 1,50000/- (assuming 50% category donation given)

(ii) 17,00,000 * 10 % = 1,70,000/- (assuming 17,00,000 income is after claiming all deduction excpt 80G)

So exemption amt will be Rs 1,50,000/-

Hope so it helps & solve your query

Now Cheers

Regards
CA. Nitin Agrawal

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