80g
This query is : Resolved
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
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
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
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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