Is there any upper limit of Donation ?? If anyone wants to donate 4 times more than his annual income , then what ?? Whether Department questions ?
CRO0580568 ABHISHEK MISHRA
(49 Points)
Replied 10 April 2022
Rammohan
(NA)
(255 Points)
Replied 11 April 2022
As far as my knowledge goes, there is no limit on the amount one can donate. If one has accumulated legitimate savings and wants to donate from these savings an amount that exceeds his annual income, there should be no issue. Even if the Income-Tax Dept. raises a query, one should be able to reply properly showing the source of funds from which the donation was made.
However, there are limits up to which deductions from taxable income can be claimed for donations made to approved recipients of donations, under Sec 80G, 80GGA, etc.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
