Anonymous donation tax imposed on excess contributions, taxed separately and treated as reducing assessable income for computation. The amendment requires computing income-tax at a fixed rate on the aggregate of anonymous donations received in excess of the higher of a specified ... Summary
Anonymous donation tax imposed on excess contributions, taxed separately and treated as reducing assessable income for computation.
The amendment requires computing income-tax at a fixed rate on the aggregate of anonymous donations received in excess of the higher of a specified percentage of total donations or a prescribed monetary threshold, and alternatively determines tax as the amount chargeable if the assessee's total income were reduced by the aggregate of anonymous donations received.
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