Regarding Intimation U/S 143(1) from Income Tax dept

POSTED BY Srikanth V ON October 1, 2012 12:37 pm ONE COMMENT

I have made a donation under 80G(100% deduction) for 32500. However i have recently recieved Intimation from incometax dept and they have stated that under section 143(1) it is computed as 26864. Accordingly my tax refund is also reduced.

Could you please let me know what could be the reason. Is there any cap on how much we can donate depending on salary?

One reply on this article “Regarding Intimation U/S 143(1) from Income Tax dept”

  1. Yes there is maximum limit

    Maximum allowable deduction:- If aggregate of the sums donated exceed 10% of the adjusted gross total income, the amount in excess of 10% ceases to be entitled for tax benefit.

    So check how much was your gross income ?

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today