A voluntary help either in terms of money or kindness towards people in need is known as charity. Not only does it make you feel happy from within, but you can also donate and save taxes.
Today, there are several Non-Governmental Organizations (NGOs) and other non-profit organizations that work collectively in carrying out charitable activities that help them raise funds or non-monetary charity for people in need. These institutions do their best to play an important role in promoting the various goals of economic development and social welfare that have been initiated by the Government of India. The proximity and localized approach that NGOs and other nonprofits have made it possible to identify those in need and ensure that they are given a helping hand. This is one of the key reasons why the Government of India offers tax incentives and exemptions to NGOs and charities, with Section 80G exemptions being the most significant.
How Income Tax Exemptions work in India?
The tax exemption is the financial exclusion that reduces the taxable income. You can take advantage of healthy tax relief or reduced tax rates or the tax will be for a certain portion. The tax exemption is, therefore, a mandatory exemption to a general rule rather than the absence of taxation under certain conditions. Tax exemptions are granted to promote certain economic activities.
What is Section 80G of the income tax law?
Deductions under Section 80G are contributions you have made to some charitable organization or institution. However, not all donations are eligible under this section.
What benefit of tax exemption do I get?
Under the revised tax exemption law, from 1st April 2017, donations over Rs 500 to Akshaya Patra will be eligible for 50% tax exemption under Section 80G of the Income Tax Act. rent. By contributing to Akshaya Patra, you will help feed poor homeless children and also help yourself with the benefit of tax deduction.
The exemption is calculated by reducing the donated amount from your taxable wages. For example, if your annual taxable income is Rs 200,000 and you make a donation of Rs 5,000, your net taxable income will be Rs 197,500. Your tax will now be calculated on this new amount based on the current tax rates.
What is the minimum amount needed to donate to get a tax exemption?
A minimum of Rs 500 must be donated to take advantage of the tax exemption under IT sec 80 G.
Does it issue tax receipts? How long does it take to get to us?
Yes, you can expect your receipts within 10 days of making your donation.
Are there also tax exemptions on cash donations?
Cash donations over Rs 2,000 do not apply to 80G certificates.
When can I get a tax exemption certificate?
We generate the tax certificate within 6 days from the date of contribution made through online donations. Including the courier process, the exemption certificate takes 10 days to arrive. If you contribute offline, it takes 15-20 days.
What happens if the tax receipt is lost?
We may not be able to provide you with a duplicate receipt. But we can send you the copy of the Income Tax Exemption certificate.
Donate to Cancer Care Trust Organization and Save Tax
While donating towards Cancer Care Trust organization, you as an individual or a corporate can claim for a 50% deduction at the time of filing your income tax return. The Foundation is registered under Section 12A (a) of the Income Tax Act, 1961, and is registered under the Indian Trusts Act, 1882. Cancer Care Trust organization is one of most trusted NGO in Delhi working on various basic projects for society and mankind since 2012. Jeevan Daan, Vastradan are the main campaigns of Annapurna Cancer Care Trust. Under mission Annapurna we feed daily Mid-Day Meal to 1000 of homeless people and poor children all over Delhi NCR.
Want to avail tax exemption? Make a donation today!
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