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Q. > Please Help: SEC. 80G
Company covered under CSR activities for this some amount donation to prime minister relief fund for the purposed of CSR. my question is this donation eligibility to claim deduction on U/S 80G Amount donation to prime minister relief fund but this CSR Expenditure disallowed U/s 37 of Income tax.
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Comments
jayasri
06-Sep-2016 , 09:36:53 pm1.The Finance Act has proposed that CSR expenditure shall not be allowed as expenditure under section 37 of Income Tax Act, 1961. However, any CSR expenditure which is allowed as deduction under other sections such as section 30, 32, 35, 35AC, 80G etc. is permissible. 2.Treatment will be different for various types of permissible CSR activities. If the company directly undertakes CSR expenditures there will be no tax benefit, therefore, to spend 2% of CSR the company may lose the tax benefits available. 3.If the company undertakes CSR expenditures through 80G registered NGOs (including its own foundation) then to spend 2% of CSR the company shall have some tax benefit as such contribution provide 50% tax benefit.