A private company wants to organize a show for its clients. and utilize receipts for charity purpose. is there any restriction regarding max. amount which it can donote in charity? or any other restrictions? Turnover 60,00,000 approx.
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A pvt co. can contribute any amount for charitable purpose, provided it is not a subsidiary of a co.(which is not a pvt co.)....
If it is a subsy of a co.(vch is nt a pvt co.), den the following provsion of section 293 gets attracted:
In that case, it can contribute to the maximum of greatesr of the below mentioned limits:
a)Rs. 50000
b) 5% of avg Net profits during preceeding three years (computed in accordance wid sec. 349 & 350)
Thanks Sir.
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