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Dedudction u/s 80g

Tax queries 218 views 3 replies
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Retired Bank employee
74 Points Posted on 04 May 2018

1. Gross Income is Rs.698000/-

2. Tax saving Investment u/s 80C is Rs.150000/-

3.  a) Donation to aTrust Rs.50000/-, 50% entitelment and with qualifying limit.

     b) Donation to Prime Minister Relief Fund Rs.12000/-

What is the eligible amount for tax deduction ?

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On 04 May 2018 at 19:09 Report
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teaching
2046 Points Posted on 04 May 2018
least of the following amount is covered under 80G - donation to a Trust
1. (6,98,000 - 1,50,000) x 10% x 50% = 27,400
2. donation made to trust x 50% = 25000.

so total eligible deduction under 80G is 37,000. (25000 + 12000).
7 Reply
On 04 May 2018 at 19:50
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7 Points Posted on 04 May 2018
Dear sir 1. (698000-150000)*10%*50% 👈 What comes means 50% and 10% please kindly mention
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On 04 May 2018 at 23:38
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teaching
2046 Points Posted on 05 May 2018
when restricted donations, deduction should not exceed 10% of adjusted total income.
so if it is 100% benefit on donations, we should consider 100% on 10% of adjusted total income.
if 50% deduction allowable, then consider 50% on 10% of adjusted total income
7 Reply
On 05 May 2018 at 05:29


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