Dear Friedns,
Total salary income Rs 300000/-
80C 50000
80G Rs 15000/- (save the childrend Fund 80 G Exempt)
How much amount is eligible for 80G and what is my taxable income
Thanks in advance
9 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 20 July 2011
for 80G, follow the receipt in hand , section , quantam and all related information is there.
Sumiti Jain
(FP)
(1364 Points)
Replied 20 July 2011
Donation to National Children's fund is 50% allowable as deduction
aniket
(Accountant)
(561 Points)
Replied 20 July 2011
| Originally posted by : Sumiti Jain | ||
 |
Donation to National Children's fund is 50% allowable as deduction |
 |
Its Save the Children Fund
Prachi
(CA FINAL)
(2309 Points)
Replied 20 July 2011
You should ask this que to expert to know the perfect answer.
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 20 July 2011
Computation of Taxable Income
Salry -- 300000
less- 80c 50000
less 80G -12500
Total taxable salary - 237500
DEDUCTION IS AVAILABLE ONLY FOR 10% OF ADJUSTABLE INCOME.
IN YOUR CASE ADJUSTABLE INCOME IS RS. 250000
AND UNDER SEC 80G DEDUCTION IS AVAILABLE UPTO 50% OF ADJUSTABLE INCOME
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 20 July 2011
Are there any tax benefits for donating to Save the Children?
Save the Children offers 50% tax exemption under section 80GGA.
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 20 July 2011
Deduction shall be 50%.
Total income chargeable to tax in this case will be Rs. 2,42,500/- after deducting Rs. 50,000/- towards 80C and Rs. 7,500/- towards 80G.
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 21 July 2011
Right answer is
Total income chargeable to tax in this case will be Rs. 2,42,500/- after deducting Rs. 50,000/- towards 80C and Rs. 7,500/- towards 80G.
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