07 August 2008
According to condition in 80G a charitable/religious organisation has to utilised its 85 percentage of income for charitable purposes in India.
However, it cand be accumulated upto next 5 years if the organisation gives undertaking to utilise the funds.
1. What if the organisation fails to utilise the funds? within 5 years.
2. If the shortfall amount is accumulated as Surplus Account (No separate head for Shortfall) can the organisation debit the surplus account and utilise the available funds during any finfancial years upto 5 years?
3. What if the organisation still has the shortfall in the financial year in question cna it be accumulated for next five years?
07 August 2008
Your query is related to Taxation of Trust. Deduction u/s 80G is wrt to deduction to the assessee making donation to prescribed organisations. No such conditions are there in section 80G.
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