Web2 days ago · The maximum amount allowable under Section 80G shall be 50% of the lower of a) the amount donated (i.e., Rs 90,000) or b) the qualifying limit, i.e., Rs. 75,000. In this case, the lower amount is the qualifying limit of Rs. 75,000. Therefore, the maximum deduction allowable under Section 80G is 50% of Rs. 75,000, which comes out to be … WebApr 9, 2024 · How to contribute to prime minister national relief fund (PMNRF). PMNRF is exempt under Income Tax Act, 1961 under Section 10 and 139 for return purposes. Contributions towards PMNRF are notified for 100% deduction from taxable income under section 80(G) of the Income Tax Act, 1961 without any limit of 10% of total income. …
Donate and Avail Deduction Under Section 80G of Income Tax Act
WebFeb 21, 2024 · The maximum / qualifying limit is 10% of the “adjusted gross total income”. Now use this formula to arrive at the amount of deduction =. a) Gross Qualifying limit = All donations made to category 2. b) Net … WebFeb 17, 2024 · The Hon’ble ITAT Kolkata Bench in the case of JMS Mining (P.) Ltd. v. PCIT [2024] 130 taxmann.com 118 (Kolkata – Trib.), inter alia, held that donation made by the assessee company on account of corporate social responsibility to two funds/trusts which were duly registered under section 80G(5)(vi) of the Act was to be allowed as deduction … ion avt inc
Section 80G- Deduction Under Section 80G of Income Tax …
WebAug 19, 2015 · 1.1.5 If the company undertakes CSR expenditures through 80G registered NGOs (including its own foundation) then to spend 2% of CSR the company shall have some tax benef it as such contribution provide 50% tax benef it. WebSep 18, 2024 · One Such Ambiguity was whether any expenditure which is done under CSR provisions if falling also under Section 80G can the same be claimed as deduction under Section 80G in Computation of Income (remember it is clear that CSR is not a Tax Deductible Expenditure u/s 37 (1) of Income Tax Act, 1961). WebJun 18, 2024 · Figure 1: Process for a donor to avail 80G deduction pre-amendment (for donations made up to 31st March, 2024) In Figure 1, you can see that pre-amendment, … ontario friendship centres