Tax credit on Charitable Donations
Previously, under section 61, threshold for calculating tax credit allowed was up to 30% of for individual/AOP and 20% for company Now, the Finance Act has approved that if any sum is paid or any property is given to an associate by a donor then donation should be lower of actual amount or
- Fifteen percent of the taxable income instead of thirty percent of the person’s taxable income for the
year for an individual or association of persons, or
- Ten percent of the taxable income of the person instead of twenty percent for the year for a company.