New sub-clause
A new section has been inserted by Finance Bill 2012 where no deduction shall be allowed under this section in respect of donation of any sum exceeding ten thousand rupees, unless such sum is paid by any mode other than cash.
Analysis
As per the new sub-section (5D) to Section 80G any payment exceeding a sum of ten thousand rupees shall only be allowed as a deduction if such sum is paid by any mode other than cash. These amendments will take effect from 1st April, 2013 and will, accordingly, apply in relation to assessment year 2013-14 and subsequent assessment years.
This Article has been posted by CA PRASHANT DOSHI. He can be reached at below mention email id:
prashantdoshi22@gmail.com
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