DOUBT ON SHARING PART OF INCOME
This query is : Resolved
23 June 2010
I AM HAVING THESE DOUBT,IF ANY ONE CAN HELP ME:
AS EVERYONE KNOWS THAT SUNDARAM HAS DECLARED ONE SCHEME UNDER WHICH OUT OF SALE OF NOTEBOOKS 10% WAS TO BE USED FOR THE EDUCATION PURPOSE.I JUST WANT TO KNOW ITS ACCOUNTING TREATMENT AS WELL AS THE TAX TREATMENT.
DARSHI
AS EVERYONE KNOWS THAT SUNDARAM HAS DECLARED ONE SCHEME UNDER WHICH OUT OF SALE OF NOTEBOOKS 10% WAS TO BE USED FOR THE EDUCATION PURPOSE.I JUST WANT TO KNOW ITS ACCOUNTING TREATMENT AS WELL AS THE TAX TREATMENT.
DARSHI
Shudhanshu Agrawal
(Expert)
23 June 2010
According to me the scheme which is declared by Sundram will not provide the benefit to the individual. They will transfer 10% of total sales to another a/c and then they will utilise that amount for education purpose.
To understand it more clearly here is more explanation. they are not charging any extra money from the consumer but they are just reducing their own profit by 10% and deduction under Income Tax will depend upon where they utilise that amount. They can utilise it in so many ways and hence the deduction can be u/s 80G, even in Section 35.
To understand it more clearly here is more explanation. they are not charging any extra money from the consumer but they are just reducing their own profit by 10% and deduction under Income Tax will depend upon where they utilise that amount. They can utilise it in so many ways and hence the deduction can be u/s 80G, even in Section 35.
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