Shortfall in 80G

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This query is : Resolved

Kumar (Querist)

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

Kumar

Kumar (Querist)

07 August 2008 Thanks

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

07 August 2008 Section 80 G has no such condition please check your query.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)

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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