Shortfall in 80G
This query is : Resolved
07 August 2008
According to condition in 80G a charitable/religious organisation has to utilised its 85 percentage of income for charitable purposes in India.
However, it cand be accumulated upto next 5 years if the organisation gives undertaking to utilise the funds.
1. What if the organisation fails to utilise the funds? within 5 years.
2. If the shortfall amount is accumulated as Surplus Account (No separate head for Shortfall) can the organisation debit the surplus account and utilise the available funds during any finfancial years upto 5 years?
3. What if the organisation still has the shortfall in the financial year in question cna it be accumulated for next five years?
Thanks
However, it cand be accumulated upto next 5 years if the organisation gives undertaking to utilise the funds.
1. What if the organisation fails to utilise the funds? within 5 years.
2. If the shortfall amount is accumulated as Surplus Account (No separate head for Shortfall) can the organisation debit the surplus account and utilise the available funds during any finfancial years upto 5 years?
3. What if the organisation still has the shortfall in the financial year in question cna it be accumulated for next five years?
Thanks
07 August 2008
Section 80 G has no such condition please check your query.
07 August 2008
Your query is related to Taxation of Trust. Deduction u/s 80G is wrt to deduction to the assessee making donation to prescribed organisations. No such conditions are there in section 80G.
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