Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Reporting of donation made in cash to curtail deduction under Section 80G

Section 80G allows deduction for donations made to certain notified funds, charitable institutions or other institutions/ funds set up by the Government of India. The Finance Act, 2017 had reduced the limit of cash donation from Rs. 10,000 to Rs. 2,000. Thus, with effect from Assessment Year 2018-19, no deduction is allowed for cash donation made in excess of Rs. 2,000.

The new ITR forms have incorporated new columns to specify the amount of donation made in cash and in other mode. Cash donation made in excess of Rs. 2,000 shall not be allowed as deduction from gross total income.
This change will impact [ITR 1, 2, 3, 4, 5, 6]
Refer: www.taxmann.com

Share This!



No comments:

Post a Comment