Deductibility of earthquake relief donations: prescribed authority to review audited separate accounts and determine taxability and compliance. Rule 18AAAA designates the Director General of Income-tax (Exemptions) as the prescribed authority under section 80G(5C) to receive audited separate accounts from approved trusts, funds or institutions for Gujarat earthquake relief. Such entities must maintain distinct income and expenditure accounts, have them audited by an accountant as per section 288(2), and file Form No.10AA. The authority will determine whether donations are chargeable under clause (23C) of section 10 or section 12, give the assessee an opportunity if findings are adverse, and inform the assessing officer within one month.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deductibility of earthquake relief donations: prescribed authority to review audited separate accounts and determine taxability and compliance.
Rule 18AAAA designates the Director General of Income-tax (Exemptions) as the prescribed authority under section 80G(5C) to receive audited separate accounts from approved trusts, funds or institutions for Gujarat earthquake relief. Such entities must maintain distinct income and expenditure accounts, have them audited by an accountant as per section 288(2), and file Form No.10AA. The authority will determine whether donations are chargeable under clause (23C) of section 10 or section 12, give the assessee an opportunity if findings are adverse, and inform the assessing officer within one month.
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