Most of my income is given away in charity and I am left with just enough money to meet my personal requirements. What will be considered as my income?
FAQs on Computation of Tax
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Charitable donations and taxable income: donations don't change income; only eligible deductions under applicable law reduce taxable income. Disposition of income by making donations does not change its character as taxable income; only contributions to approved charitable institutions qualify ... Summary
Charitable donations and taxable income: donations don't change income; only eligible deductions under applicable law reduce taxable income.
Disposition of income by making donations does not change its character as taxable income; only contributions to approved charitable institutions qualify for a deduction from taxable income under the statutory deduction regime, and such deductions are available only subject to the limits and conditions applicable to charitable contribution deductions.
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