Deductions

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sai sindura (Querist)
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17 February 2016 sir, If a company donate to ttd(Sri venkateswara nity anadam trust) under which category should we claim the deduction.Please answer quickly as we need to file income tax return.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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17 February 2016 IT Exemption : The donations are eligible for deduction under section 80G of the Indian Income Tax Act.
Stamped receipt: For claiming deduction under Section 80G, a receipt issued by the recipient trust is a must. The receipt must contain the name , address & PAN of the Trust, the name of the donor, the amount donated (please ensure that the amount written in words and figures tally). In case of donation which are eligible for 100% deduction recipient should also insist on form 58 from trust. Form 58 contains the details of project cost (for which the donation is received), amount authorised under this project and the actual amount collected. Without form 58, the claim for 100% deduction could be rejected even if the receipt mentions 100% deduction otherwise it will be 50%

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