A Charitable Trust is registered u/s 12A of Income Tax and used to receive cash of Rs. 10000 onwards as Donations . Is there any restriction to accept CASH DONATION more than Rs. 2000/- ?
Menu
Restrictions on donations in cash above rs. 10000
Replies (4)
No restriction for acceptance; but donor cannot get 80G deduction for more than rs. 2000/- when donated by cash.
Thank you for your replay,
The donor is not interest for 80G Deduction. But the trust can accept Rs.1Lakh in Cash on corpus Fund of Trust from the single Donor?
Kindly highlight
Regards,
Sampath
Yes, with known identity of the donor.
A charitable or religious institution has substantial source of receipts in form of donations. Such donations may be corpus or voluntary. The Income Tax Law provides blanket exemption to corpus contributions whereas it requires application of voluntary contributions in general for charitable or religious purposes.
Read more at. https://www.linkedin.com/pulse/acceptance-cash-donations-charitable-religious-trusts-anoop-bhatia
Thank you for your replay.
the link sent by you was most helpful
regards,
sampath
Recent Topic
- Input tax credit under igst under insurance compan
- ITR Form to be used
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
Related Topics
CAclubindia
