Donation u/s 80G

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subash mohanty (Querist)
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14 August 2008 whether donation fall u/s 80g is allowed as deduction,can we charge profit & loss a/c under accounting purpose.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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14 August 2008 Oh yes. You have to. If it is not figuring there you may not get the deduction.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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14 August 2008 No, the amount of donation is not allowable as a business expense. It is reconsidered in computing the Taxable Income by adding back to the Profit from business and the deduction u/s 80G is claimed and allowed separately.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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14 August 2008 Yes, CA Ramesh sir is right but you have to show it in the books of accounts as an expense for your accounting purpose. For taxation purpose, definitely it shall be added back to net profit.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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14 August 2008 If the claimant does not show it in his account, it will be difficult to convince that it was paid by the claimant. The correct way is to show it in the claimant's account. But claim in the return only the eligible amount from the net profit before charging donations.

subash mohanty

subash mohanty (Querist)
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20 August 2008 Thanku sir

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