Tax deduction on corporate social responsibility
This query is : Resolved
18 February 2015
Regarding the amounts spent on the CSR activities mandated by the Companies Act, 2013, the memorandum explaining the finance bill 2014 explains that as the CSR expenditure (being an application of income) is not incurred for the purposes of carrying on business, such expenditures cannot be allowed under the existing provisions of section 37 of the Income Tax Act, 1961. Accordingly, it shall not be allowed as tax deduction. Could someone clarify whether all the expenditure spent (not covered u/s 30 to 36 of the Income TAx Act, 1961) on CSR will be disallowed? What if amounts spent on CSR via donation, can we claim 80G dedcutions if these donationas are eligible for 80G?
18 February 2015
if its a donation to trust although csr but eligible to issue u a certificate u/s 80GH then donation otherwise is allowed
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