Accounting of donation in kind

486 views
User Avatar

6 Points Posted on 24 April 2023
How donation in kind is recorded in accounts ?
0 Reply Share Follow
On 24 April 2023 at 10:26 Report
Replies (2)
Quick Summary
This discussion clarifies how donations in kind are recorded in accounting. While most donations are treated as expenses, it's important to note their tax treatment. Specifically, only cash or cheque donations are eligible for tax deductions under Section 80G, with cash donations over Rs. 10,000 not qualifying. Donations made in kind do not offer any tax deduction.

User Avatar

Profession
28271 Points Posted on 24 April 2023
Donation of any nature to be treated as expense but there are some specific donations which are treated seperately.
1 Reply
On 24 April 2023 at 12:57
User Avatar

Finance
4592 Points Posted on 24 April 2023

Mode of donation eligible for deduction under section 80G:

Only donations made in the form of cash or cheque are eligible for a tax deduction. However, donations made in cash do not qualify for a tax deduction exceeding Rs. 10,000. Donations made in kind do not qualify for any tax deduction.

1 Reply
On 24 April 2023 at 13:48

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Guidence requested for a Finance Professional with
  2. Expert Opinion Required – Form 140 Gross Amo
  3. WRONG TAX DEMAND - formal responses , rectificatio
  4. Foreign remittance
  5. Affordable Residential Flats in Gurgaon
  6. Manufacturing
  7. TAN REGISTRATION ON E-FILLING SITE
  8. Form 10-IEA – Continuing Old Regime
  9. Income tax act 2026
  10. Belated Return where Form 10IEA filed this year to

More recent discussions | Post

Related Topics :

Loading