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?
Menu
Anonymous donations u/s 115bbc
Replies (2)
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
Recent Topics :
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
- HDFC Bank’s Bureaucracy: The Nightmare of Fl
- Running a CSC Center, Maha E-Seva Kendra, Setu Ken
- GSTR-9 Table 8A issue
- CA Inter Coaching institutes at Hyderabad
- Looking for practising CA
- TDS return filing
- Need formats of FS as per Co act 2013 in soft copy
- Remittance to italy
Related Topics :
CAclubindia
