Shortfall in 80G

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Kumar (Querist)
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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)
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07 August 2008 Thanks

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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07 August 2008 Section 80 G has no such condition please check your query.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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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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