P.Mishra (Accountant) (155 Points)
17 March 2015Please help all respectable members...
if Business Income is 900000
interest on unsecured loan is 100000
LIC 150000
donation to charitable organisation (50% deduction) is 150000
TDS On interest 10000
Advance tax is 70000
Plese tell me what is total tax & tax payable?
Please showing calculation and concept of 80G deduction?
P.Mishra
(Accountant)
(155 Points)
Replied 18 March 2015
Thanks For Reply Madhavi Mam,
but 80 G deduction of Rs. 42500, how?
i read about 80 g deduction is 10% of Adjustable GTA and 50% of charitable donation whichever is low.
My GTA of 80 G - 850000, 10% of 850000- 85000
Donation - 150000 - 150000*50% - 75000
according to me 80G deduction will be 75000.
Please tell me m i right or wrong?
CAclubindia
