DONATION

C.A. ANKIT SINGHAL (CA PRACTICE) (52 Points)

21 September 2009

IF AN ASSESSEE GIVE DONATION AND DEBIT IT IN P&L A/C, THEN IN WHICH SECTION OF INCOME TAX ACT, IT DISALLOWED?

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4 Replies

vikaskamra (CA Final Student) (132 Points)
Replied 21 September 2009

if the assesse is proprietor he must debit it to his capital account not P&L

and donation given is allowed as deduction

hope you know it is allowed as deduction u/s 80G

C.A. ANKIT SINGHAL (CA PRACTICE) (52 Points)
Replied 22 September 2009

Originally posted by :vikaskamra
"	if the assesse is proprietor he must debit it to his capital account not P&L and donation given is allowed as deduction hope you know it is allowed as deduction u/s 80G	"

i know it is allowed as deduction u/s 80G, but my question is if assesse debit it in P&L A/c, Then in which section it is disallowed?

Juzer Sadikot (CA - innovative solutions for Imports and Exports) (1309 Points)
Replied 22 September 2009

Dear Ankit,

I think it shall be disallowed under section 37(1).

Thanks

CA Devanshi Gandhi (Ajani) (FCA DISA Mcom CIFRS & LLB) (9058 Points)
Replied 22 September 2009

section 37(1) condition 3 says exp. should not be of personal in nature

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