Donation under section 80g(5)
This query is : Resolved
06 July 2012
Dear Sir,
One of my friend have given donation Rs. 60,600/- to charitable trust
his gross total income is 474340/- my income tax software calulate his donation rs. 16807/- instead of 50% amount
i can't understand this calulation
please guide me about this query
thanks
One of my friend have given donation Rs. 60,600/- to charitable trust
his gross total income is 474340/- my income tax software calulate his donation rs. 16807/- instead of 50% amount
i can't understand this calulation
please guide me about this query
thanks
06 July 2012
You have to arrive at the Qualifying Amount (QA), first, which is 10% of the Adjusted Gross Total Income (AGTI).
.
AGTI means GTI less Deductions Under Chapter VIA, (Except U/s 80G).
There must be 80C, 80D like Deductions. Deduct these from the Gross Total Income (GTI) to get AGTI.
.
Deduction U/s 80G is allowable @50% of qualifying amount (QA-As referred in First Para).
.
.
AGTI means GTI less Deductions Under Chapter VIA, (Except U/s 80G).
There must be 80C, 80D like Deductions. Deduct these from the Gross Total Income (GTI) to get AGTI.
.
Deduction U/s 80G is allowable @50% of qualifying amount (QA-As referred in First Para).
.
Message likes :
2 times
07 July 2012
There might be other deductions under chapter VI-A apart from donations.
Pls tell me the amount of other deductions like 80C, 80D etc
Pls tell me the amount of other deductions like 80C, 80D etc
07 July 2012
details are not fully disclosed. for 80G deduction you need to get qualified amount. for this you need to deduct all other deductions of Chapter VI-A.
Then 10% of this amount will be max amount of 80G deduction. in your case it will be 50% also.
So please clear all the facts to get proper answer
Then 10% of this amount will be max amount of 80G deduction. in your case it will be 50% also.
So please clear all the facts to get proper answer
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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
