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
thanks
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.
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
29 December 2011
Yes under indirect expenses.
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