Donation tax

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This query is : Resolved

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Donating funds from your proprietorship account generally doesn't incur income tax, as tax is only levied on earned income. If you donate to a registered trust, you may be eligible for deductions under section 80G. However, if the donation is debited from your business's profit and loss account, it might be disallowed as a business expense.

Hitendra Hirpara

Hitendra Hirpara (Querist)
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15 February 2020 I want to donate fund from my propriator account
Have need to pay any income tax on donated amount?

Gokul Sharma

Gokul Sharma (Expert)
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15 February 2020 no ........income tax have to pay only for the income you earned.
if you donated to registered trust you can avail deduction available.

CA PARTH SHAH

CA PARTH SHAH (Expert)
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16 February 2020 If you pay donation form your proprietorship account, then such donation shall be disallowed if it is debited to Profit & loss account of the business. However, donation shall be allowed as deduction under section 80G if the donee is a registered entity under section 80G.

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