income tax

Sumir (Querist) 28 April 2010 This query is : Resolved
Company X sponsors an cultural festival of a state government run college, will company X get any tax benefits?

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A V Vishal (Expert) 28 April 2010
No

mahendrakumar (Expert) 29 April 2010
will get the tax benefit only on getting a receipt from the govt under section 80G.

A V Vishal (Expert) 30 April 2010
can government issue a certificate under 80G for such events, Mr Mahendra Kumar???

mahendrakumar (Expert) 30 April 2010
since it is spent on a cultural festival of govt, why not and who is going to stop him/her if they want?

I have mentioned a possibility only,even if it is hypothetical.

Vineet (Expert) 02 May 2010
Why somebody needs a certificate u/s 80G for benefit in such matters. it is not donation. The company would have put its banners at the cultural festival and its name would have been printed on souvenirs.

The company has incurred sponsorship expenditure for advancement of its business and all such expenses are allowed as genuine business deduction under advertisement expenses.

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