JAIMIN K PATEL (EXECUTIVE ACCOUNT) (122 Points)
28 July 2014Hi,
My income from salary is Rs.646519/- and deduction under chapter vi-a is rs.43059/-. My net income is rs.603460/-. i donate rs.1,00,000/- to politial party and 881/- to charitable trust. What is the caculation of salary and what is the effect of donation.
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 28 July 2014
Donation to political party deductible u/s 80GGC and to cgaritable trust is deductible u/s 80G (50%) prrovided the trust is registered u/s 12AA.
Hitesh Khanna
(Accounting & Finance Taxation Company Law Audit )
(839 Points)
Replied 28 July 2014
1. Assuming that The Income from Salary stated by you is after adjustment of exempt and non- exempt alloances, peruisites ans profit in lieu of salary (if any) and this amount represents Gross Income Under the Head Salaries
Gross Total Income 646519
2. Deduction Under Chapter VI A (43059)
3. Donation Made to Political Party (100% Deduction) (100000)
4. Donation Made to Trust (441)
From the Net amount deduct TDS and Advance Tax and add 3% to the net amount derived.
CAclubindia
