03-17-2010, 09:29 PM
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.
(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.