Removal of certain funds from section 80G

Union Budget 2023-24 + FINANCE Bill, 2023

Removal of certain funds from section 80G

Section 80G of the Act, inter alia, provides for the procedure for granting approval to certain institutions and funds receiving donation and the allowable deductions in respect of such donations to the assessee making such donations.

2. Sub-section (2) of section 80G of the Act, inter alia, provides the list of these funds to which any sum paid by the assessee in the previous year as donations is allowed as a deduction to an extent of 50 per cent/100% of the amount so donated.

3. It has been observed that there are only three funds based on names of the persons in the said section. In order to remove such funds, it is proposed to omit sub-clauses (ii), (iiic) and (iiid) of clause (a) of sub-section (2) of section 80G of the Act.

4. This amendment will take effect from the 1st day of April, 2024 and shall accordingly, apply in relation to the assessment year 2024-25 and subsequent assessment years.

[Clause 40]

Full Text:

Union Budget 2023-24 + FINANCE Bill, 2023

Dated: 1-2-2023