Monday, March 26, 2012

80G- No Deduction in case "Cash Payment more than 10,000/-"

As per new sub-clause 5(D) of 80G, there will be no deduction in case donation is made in cash  more than 10,000.  Earlier there was no such limitation of Rs.10,000 or Cash etc.

These amendments will take effect from 1st April, 2013 and will accordingly apply in relation to assessment year 2013-14 and subsequent assessment years. 

Amendment of section 80G vide finance Bill 2012 dated 16.03.2012

27. In section 80G of the Income-tax Act, after sub-section (5C), the following sub-section shall be inserted with effect from the 1st day of April, 2013, namely:—

“(5D) No deduction shall be allowed under this section in respect of donation of any sum exceeding ten

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