In ITR forms, under schedule 80 G, there are 4 parts.
A. 100% deduction without qualifying limit
B. 50% deduction without qualifying limit
C. 100% deduction with qualifying limit
D. 50% deduction with qualifying limit
1. What is the meaning of qualifying limit?
2. Donation to PM CARES FUND where to be shown?
1.The qualifying limits u/s 80G is 10% of the adjusted gross total income. The limit is to be applied to the adjusted gross total income.
The ‘adjusted gross total income’ for this purpose is the gross total income (i.e. the sub total of income under various heads) reduced by the following:
Amount deductible under Sections 80CCC to 80U (but not Section 80G)
Exempt income
Long-term capital gains
Short- term capital gains taxable @ 15 per cent under section 111A.
Income referred to in Sections 115A, 115AB, 115AC, 115AD relating to non-residents and foreign companies
2. Donation to PM care fund is eligible for 100% deduction.
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