05 November 2012
Donation Made to Trust Exemption under 12AA of Income Tax act. 50% Limit but not exceed 10& adjust GTI.
Now, Say 5 Lacs is Adjusted GTI Calculation, & 50000/- Donation Made. Then 50% of 50000 = 25000 but not exceeding 10% of adjusted GTI i.e. 50000. so here 25000 is allowed... right ?