Regarding 80 G
This query is : Resolved
CA Deepak Joshi
(Querist)
28 January 2010
Dear All,
I hv a small doubt. While calculating the deduction u/s 80 G we take into consideration the 10% of adjusted GTI.
Adjusted GTI= GTI- deductions u/c VI A
(assuming no shares income )
so if my GTI was like 350000 and u/c VI A i invested...
80C-100000
80D-30000
so will the adjusted GTI be 350000-100000-30000= 220000..
and deduction in 80G upto 10% of 220000= 22000....Is It True....
I hv a small doubt. While calculating the deduction u/s 80 G we take into consideration the 10% of adjusted GTI.
Adjusted GTI= GTI- deductions u/c VI A
(assuming no shares income )
so if my GTI was like 350000 and u/c VI A i invested...
80C-100000
80D-30000
so will the adjusted GTI be 350000-100000-30000= 220000..
and deduction in 80G upto 10% of 220000= 22000....Is It True....
Aditya Maheshwari
(Expert)
28 January 2010
Yes it is true. dedcution u/s 80G is restricted to 10% of gross total income less deductions under chapter VI-A but before 80G.
So what u say is true
So what u say is true
29 January 2010
Yes in the given case such restriction would be upto 10% of adj GTI
29 January 2010
Yes, in the given case the amount qualified for deduction u/s 80G is 10% of Rs. 220000/-
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