10 August 2014
Dear experts, Pls let me know which of the calc is correct
Calc 1. Adj. GTI - 10,00,000
a. Total donation made (eligible@50% subject to 10% of adj. GTI) - 1,20,000
b. 10% GTI - 1,00,000
Deduction u/s 80G- 50% of lower of a&b-1,00,000 i.e, 50,000
Calc 2. Adj. GTI - 10,00,000
a. Total donation made (eligible@50% subject to 10% of adj. GTI) - 1,20,000
b. 10% GTI - 1,00,000
c. 50% of donation - 60,000
Deduction u/s 80G- 60,000 i.e lower of b&C
When i was trying to file a return in the Java utility (ITR 1) i was allowed deduction of 50,000 i.e, calc 1. Pls suggest whether it is an error in ITR or my understanding (i thought 60,000 was correct).
CAclubindia
