Section 115bbc
This query is : Resolved
10 December 2012
if trust receive cash donation (anonymous donation)whether taxable or not ?
10 December 2012
Hi
Yes, S/115BBC applies to Trust also.
Thanks//Vaibhav
Revert for more clarity.
Click thank button to convey your appreciation.
Yes, S/115BBC applies to Trust also.
Thanks//Vaibhav
Revert for more clarity.
Click thank button to convey your appreciation.
10 December 2012
if taxable than at what rate donation is taxable n upto what limit cash donation is benefited?
10 December 2012
Hi,
First you have to calculate Tax on anonymous donation as follow:
at the rate of thirty per cent on the aggregate of anonymous donations received in excess of the higher of the following, namely:—
(A) five per cent of the total donations received by the assessee; or
(B) one lakh rupees,
And on above add the amount of income-tax with which the assessee would have been chargeable had his total income reduced by the aggregate of anonymous donations received.
Thanks//Vaibhav
Revert for more clarity.
Click thank button to convey your appreciation.
First you have to calculate Tax on anonymous donation as follow:
at the rate of thirty per cent on the aggregate of anonymous donations received in excess of the higher of the following, namely:—
(A) five per cent of the total donations received by the assessee; or
(B) one lakh rupees,
And on above add the amount of income-tax with which the assessee would have been chargeable had his total income reduced by the aggregate of anonymous donations received.
Thanks//Vaibhav
Revert for more clarity.
Click thank button to convey your appreciation.
05 January 2013
Dear Author,
Agreed With Above Reply.
Further Adding, Don't Write "Cash Donation(Anonymous Donation) as Same".
They are Different.
The Provision Written by Vaibhav Applies Only for Anonymous Donation.
if Trust Receive Donation in Cash and Would Able to Provide Name of Donor Along With PAN (If Donation Amount Exceed 20000 PA) Then They are to be Treated as Normal and 30% Slab is Not Applicable.
Regards,
Agreed With Above Reply.
Further Adding, Don't Write "Cash Donation(Anonymous Donation) as Same".
They are Different.
The Provision Written by Vaibhav Applies Only for Anonymous Donation.
if Trust Receive Donation in Cash and Would Able to Provide Name of Donor Along With PAN (If Donation Amount Exceed 20000 PA) Then They are to be Treated as Normal and 30% Slab is Not Applicable.
Regards,
10 March 2021
A trust registered u/s 12AA and 80G received various donations (Voluntary Contributions) in cash ranging from Rs.11 to Rs,7101 totalling to Rs.3,40,487 during FY 2017-18. Apart from this the trust also received donations through cheque amounting to Rs.12,15,740. Receipts for each donation was issued to the donor mentioning name and address of donors.
While making assessment for AY 2018-19 the said sum of Rs.3,40,487 has been charged to tax u/s 68 as unexplained cash credit, although complete list of all donations was submitted during course of assessment.
Consequent to addition u/s 68 section 115BBE was also invoked to charge income tax @ 60% plus surcharge and cess.
Kindly advise.
While making assessment for AY 2018-19 the said sum of Rs.3,40,487 has been charged to tax u/s 68 as unexplained cash credit, although complete list of all donations was submitted during course of assessment.
Consequent to addition u/s 68 section 115BBE was also invoked to charge income tax @ 60% plus surcharge and cess.
Kindly advise.
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- NRI starting business in India
- GST not cancelled by tenant
- Capital gain on sale and purchase of plot
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Invertaded duty struture
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
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
CAclubindia
