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+--- Thread: 61. Charitable donations. (/thread-61-charitable-donations)
61. Charitable donations. - smimranhaider - 03-17-2010
Plz define Section No 61. Charitable donations of below wording
(A/B) x C
where
A is the amount of tax assessed to the person for the tax year before
allowance of any tax credit under this Part;
B is the persons taxable income for the tax year; and
C is the lesser of
(a) the total amount of the persons donations referred to in subsection
(1) in the year, including the fair market value of any
property given; or
(b) where the person is
(i) an individual or association of persons, thirty per cent of
the taxable income of the person for the year; or
(ii) a company, 2[twenty] per cent of the taxable income of
the person for the year.
- Nauman - 03-20-2010
What is it regarding this section that you need clarification about?