Donation tax
This query is : Resolved
Quick Summary
Hitendra Hirpara
(Querist)
15 February 2020
I want to donate fund from my propriator account
Have need to pay any income tax on donated amount?
Have need to pay any income tax on donated amount?
Gokul Sharma
(Expert)
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.
if you donated to registered trust you can avail deduction available.
CA PARTH SHAH
(Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Form 144 TDS Return Validation error
- Applicability of tax on invoice
- Advances to related party
- Capital Gains Tax on Inherited Mutual Fund
- Employee secondment
- GSTR9 Annual Return
- LLP audit and disclosure
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
