as per sect 115bbc anonymous donations received in excess of the higher of (i) 5% of total donations or
(ii) Rs. 100000/- .
as per sect 13(7), exemptions u/s 11,12, 10(23C) not available to such anonymous donations.
my query is, whether anonymous donations to the extent not taxable u/s 115bbc as calculated above, eligible for 15% deduction for accumulation u/s 11?
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Anonymous donations u/s 115bbc
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Quick Summary
Yes, As per Section 115BBC anonymous donation received in excess of the higher of (i) 5% of total donations or (ii) Rs. 100000/- is taxable @ 30% plus applicable cess.
and anonymous donation which is not taxed u/s 115BBC is considered as part of normal income and eligible for 15% deduction for accumulation u/s 11.
and anonymous donation which is not taxed u/s 115BBC is considered as part of normal income and eligible for 15% deduction for accumulation u/s 11.
Anonymous Donations are not eligible for 15% exemption therefore Anonymous donations to the extent of taxable @ 30% are excluded while calculating 15% exemption from Gross reciepts
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