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Donation to policital party

Tax queries 337 views 2 replies

Hi,

My income from salary is Rs.646519/- and deduction under chapter vi-a is rs.43059/-. My net income is rs.603460/-. i donate rs.1,00,000/- to politial party and 881/- to charitable trust. What is the caculation of salary and what is the effect of donation.

Replies (2)

Donation to political party deductible u/s 80GGC and to cgaritable trust is deductible u/s 80G (50%) prrovided the trust is registered u/s 12AA.

1. Assuming that The Income from Salary stated by you is after adjustment of exempt and non-     exempt alloances, peruisites ans profit in lieu of salary (if any) and this amount represents Gross Income Under the Head Salaries

Gross Total Income                                                                                          646519

2. Deduction Under Chapter VI A                                                                       (43059)

3. Donation Made to Political Party (100% Deduction)                                        (100000)

4. Donation Made to Trust                                                                                     (441)

 

From the Net amount deduct TDS and Advance Tax and add 3% to the net amount derived.


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