Finance Bill Amendment: Donations Over 10,000 Must Be Non-Cash for Tax Deductions Under Section 80G, Effective 2013.
Clause 27 of the Finance Bill, 2012 amends section 80G of the Income-tax Act to introduce sub-section (5D), effective from April 1, 2013. This provision stipulates that deductions for donations exceeding ten thousand rupees will not be allowed unless the payment is made through non-cash methods. This amendment applies to the assessment year 2013-2014 and subsequent years, impacting deductions related to donations to specified funds and charitable institutions.
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