80g deduction
This query is : Resolved
sivabommakanti
(Querist)
10 August 2014
Dear experts,
Pls let me know which of the calc is correct
Calc 1. Adj. GTI - 10,00,000
a. Total donation made (eligible@50% subject to 10% of adj. GTI) - 1,20,000
b. 10% GTI - 1,00,000
Deduction u/s 80G- 50% of lower of a&b-1,00,000 i.e, 50,000
Calc 2. Adj. GTI - 10,00,000
a. Total donation made (eligible@50% subject to 10% of adj. GTI) - 1,20,000
b. 10% GTI - 1,00,000
c. 50% of donation - 60,000
Deduction u/s 80G- 60,000 i.e lower of b&C
When i was trying to file a return in the Java utility (ITR 1) i was allowed deduction of 50,000 i.e, calc 1. Pls suggest whether it is an error in ITR or my understanding (i thought 60,000 was correct).
Pls let me know which of the calc is correct
Calc 1. Adj. GTI - 10,00,000
a. Total donation made (eligible@50% subject to 10% of adj. GTI) - 1,20,000
b. 10% GTI - 1,00,000
Deduction u/s 80G- 50% of lower of a&b-1,00,000 i.e, 50,000
Calc 2. Adj. GTI - 10,00,000
a. Total donation made (eligible@50% subject to 10% of adj. GTI) - 1,20,000
b. 10% GTI - 1,00,000
c. 50% of donation - 60,000
Deduction u/s 80G- 60,000 i.e lower of b&C
When i was trying to file a return in the Java utility (ITR 1) i was allowed deduction of 50,000 i.e, calc 1. Pls suggest whether it is an error in ITR or my understanding (i thought 60,000 was correct).
CA P K AGRAWAL
(Expert)
21 August 2014
Rs.60 K is correct anw. for this query
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