Hi,
My gross income is 20L. After 80C and HRA deductions net income is 14L.
I ve made donation to an eligible institute which falls under 50% category of 3.4L. While applying for 80G exemption the eligible amount of donation is coming to be 70K instead of 140K (which is 10% of net income)
Can someone guide please
That is because the 80G eligibility for the institute is under 50% category.
Thank you sir for reply!
Since I've donated 3.4L, 50% of it is 1.7L and not 70K
10% of the net income ............ & its 50% eligibility.........
Oh okay
So 5% of net income in short....
Yes, whatever way you calculate, but interpretation of the act is as suggested above.
CAclubindia
