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Dedudction u/s 80g

Tax queries 193 views 3 replies

SHRIHARI MARATHE

Retired Bank employee

74 Points Joined October 2011

1. Gross Income is Rs.698000/-

2. Tax saving Investment u/s 80C is Rs.150000/-

3. a) Donation to aTrust Rs.50000/-, 50% entitelment and with qualifying limit.

b) Donation to Prime Minister Relief Fund Rs.12000/-

What is the eligible amount for tax deduction ?

Replies (3)

satish

teaching

2046 Points Joined February 2009

least of the following amount is covered under 80G - donation to a Trust
1. (6,98,000 - 1,50,000) x 10% x 50% = 27,400
2. donation made to trust x 50% = 25000.

so total eligible deduction under 80G is 37,000. (25000 + 12000).

Azharudeen azhar

7 Points Joined April 2018

Dear sir 1. (698000-150000)*10%*50% 👈 What comes means 50% and 10% please kindly mention

satish

teaching

2046 Points Joined February 2009

when restricted donations, deduction should not exceed 10% of adjusted total income.
so if it is 100% benefit on donations, we should consider 100% on 10% of adjusted total income.
if 50% deduction allowable, then consider 50% on 10% of adjusted total income