Donation u/s 80g

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2012 Assessee : Proprietorship Firm
Donation : Rs.6,000.00 to an approved institution notified u/s 80G(5)(vi).
Deduction : Eligible for 50% deduction
Money Reciept : In the name of the firm.

Treatment in the Audited financial statement: It has been shown as an expense(Rs.6,000.00) in P/L with a disclosure in 3CD as regards its deduction under chapter VIA.

Is the treatment correct?

Guest

Guest (Expert)

27 August 2012 You need to disallow donation in computation of total income and claim deduction u/s 80G as admissible.The treatment in tax audit report is proper.

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