Sec 80g help required
This query is : Resolved
14 July 2014
I have a Net Total Income of Rs 530000 (for fy 2014-15 and not ay 2014-15) in one of my client's portfolio.So from Rs 500000 onwards the 20% Tax rate kicks off.He wants to pay a donation of Rs 50000, which infact will result in Tax Benefit of Rs 5000 (50% of Rs 50000 i.e. Rs 25000 and 20% of Rs 25000). Now after reading Sec 80 G it also states that for computing qualifying limit we should also deduct exempt income from the Net Total Income. My Client has a PPF Exempt Interest of Rs 14000 (approx).So will this Rs 14000 be deducted from the Rs 530000 as mentioned above.If it is so then Qualifying Limit for Donation looks like Rs 530000 - Rs 14000 = Rs 516000 and 10% of that is Rs 51600. Am I correct ?? An urgent reply is needed from your side.With Regards, Preeti Gupta.
14 July 2014
yes, u r correct.
26 July 2014
Thanks a lot Deepti.
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
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- Price inclusive or exclusive of GST while made entry in P& L Account
- Minimum tax payable to file Updated return
- Applicability of GST on Salary Reimbursement Component
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Dep. as per companies act
- Tax rate change regarding
- Salary from Qatar in Dollars in India
- GST Intimation due to Government took possession of Business Premises under PPE Act
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
Quick Links
ARTICLESHIP
30 September 2026
CA Article Assistant
CA Suraj Garg & Associates
New Delhi
CA Final
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared
Getmyca Consultant Pvt Ltd
New Delhi
CA Inter
View Details
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
CCI
Pro
CAclubindia
