Donation in cash
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 December 2014
HOW MUCH OF DONATION CAN BE RECEIVED BY 1-TRUST 2- NGO WHAT ARE THE TAX INCIDENCES
CA R SEETHARAMAN
(Expert)
18 December 2014
A new clause has been added to sub-section (5C) of Section 80G vide Finance Bill 2012 where no deduction shall be allowed under this section in respect of donation of any sum exceeding ten thousand rupees, unless such sum is paid by any mode other than cash.
As per the new sub-section (5D) to Section 80G any payment exceeding a sum of ten thousand rupees shall only be allowed as a deduction if such sum is paid by any mode other than cash.
As per the new sub-section (5D) to Section 80G any payment exceeding a sum of ten thousand rupees shall only be allowed as a deduction if such sum is paid by any mode other than cash.
Amol S Joglekar
(Expert)
18 December 2014
While receiving the donations, try to follow KYC norms of donor. (Of course for SECRET donations...e.g. Tirupati Hundi. KYC clause is not applicable)
18 December 2014
agreed with seetharamji's view.............
Rupesh Jain
(Expert)
18 December 2014
in my opinion donation will received in cash but u/s 80G for donor it is changed that he/she cannot give the cash exceeds rs 10000/- if give cash exceeds rs.10000/- then no deduction allowed to donor for that donation. it is safe side for both to accept the donation in cash upto rs. 10000/-
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