80g

This query is : Resolved

SAMIR DESAI (Querist)
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05 March 2012 DEar Sir,

My company nature of business is comission,services provider & trading of furniture items,my company profit is 1700000/- & i make donation u/s 80G of Rs. 300000/- than how much amount exempted

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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05 March 2012 Dear Mr. Samir Desai

Assuming that the company as you mentioned is the prop. firm of your. Deduction u/s 80G will be least of the following:

(1) 100%/50% of eligible donation amount
(2) 10 % of Adjustable Total Income (ATI)

whereas ATI means "total income after claiming deduction except of sec 80G"

So in your case in m y view that exempted amount is :

(i) 3,000000 * 50% = 1,50000/- (assuming 50% category donation given)

(ii) 17,00,000 * 10 % = 1,70,000/- (assuming 17,00,000 income is after claiming all deduction excpt 80G)

So exemption amt will be Rs 1,50,000/-

Hope so it helps & solve your query

Now Cheers

Regards
CA. Nitin Agrawal