Donation
This query is : Open
16 February 2016
where the firm can claim donation ? as expense or as u/s 80g ?
what is the limit of donation if we claim it as expence & also under sec 80g .what is beneficial for the firm???????
what is the limit of donation if we claim it as expence & also under sec 80g .what is beneficial for the firm???????
16 February 2016
Dear
under income tax act, a firm cannot claim donation as an expense, it is to be claimed under section 80g only.
under income tax act, a firm cannot claim donation as an expense, it is to be claimed under section 80g only.
16 February 2016
There is an upper limit on the deduction that can be availed in respect of the donated amount. Generally, 50% of the donated amount is allowed as deduction from the income of the individual. This is subject to a maximum of 10% of the gross total income of the individual as computed according to the prescribed tax law.
17 February 2016
THE FIRM DONATES MEDICINE FOR RS.500000 WHETHER IT CAN BE CLAIMED AS BUSINESS EXPENSE under profit & loss acount
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