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Tax side effect on excess donation

Tax queries 422 views 9 replies
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cs
1118 Points Posted on 22 November 2016

compqny cannot make donation excess 5% avg 3 yr profit to political party .but wat if company made excess contribition wat is it side effect

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On 22 November 2016 at 21:33 Report
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235 Points Posted on 22 November 2016
actually the limit of donation or contribution to political party is excess of 7.5% of avg 3 yr past profit
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On 22 November 2016 at 22:08
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student
45 Points Posted on 22 November 2016
2 Reply
On 22 November 2016 at 22:28
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235 Points Posted on 22 November 2016
contribution in excess of specified % amounts to contravention of provision of the company's act will amount to fine
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On 22 November 2016 at 23:25
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Accounting & Finance Taxation Company
839 Points Posted on 22 November 2016
Initially this point should be highlighted by the Auditor in his Audit report and reported under suitable head if any while doing tge annual compliances under the Cos ACT.
1 Reply
On 22 November 2016 at 23:52
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19 Points Posted on 23 November 2016
Auditor has to report this fact under section 182
1 Reply
On 23 November 2016 at 06:42
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19 Points Posted on 23 November 2016
& the company will be liable to pay the penalty amount:)
1 Reply
On 23 November 2016 at 06:42
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cs
1118 Points Posted on 23 November 2016
wat is limit of donation for chartity nd wat is fine there by co.
33 Reply
On 23 November 2016 at 16:23
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235 Points Posted on 23 November 2016
co can donate to Bonafide charitable vand other funds
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On 23 November 2016 at 21:05
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235 Points Posted on 23 November 2016
in excess of 5% of the avg net profit of preceeding 3 years by approval in general meeting
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On 23 November 2016 at 21:06


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