Deduction for donation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2011 we are partnership firm and one of the partner had given donation to aids cure center, can we get 80g or other deduction pls let me knw

thanks

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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28 December 2011 The firm can claim the deduction of such donation u/s 80G. In that case, you will have to treat it as an expense and charge it to Donation A/c.

This donation will be disallowed while computing business income and 50% of the donation shall be allowed as deduction u/s 80G.

If however, the partner wants to claim the deduction, then post the entry to Drawings A/c.

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2011 Ok thanks, my anthr questn is for chargng it under donation, we hve 2 create donation a/c under wich head ie. Under Indirect expenses

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 December 2011 Yes under indirect expenses.

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