Tax Benefits you get while donating to NGOs Online - PowerPoint PPT Presentation

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Tax Benefits you get while donating to NGOs Online PowerPoint Presentation
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Tax Benefits you get while donating to NGOs Online

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Tax Benefits you get while donating to NGOs Online

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  1. E-mail-Info@Protshan.co.in Phone no:(+91) 954- 078- 1011 Tax Benefits you get while donating to NGOs Online When you donate online, you are not only helping to make lives better, but also contributing to your own tax savings under Sec 80G of the IT Act. However, you must take into account the rules to avail these exemptions. Donating online can seem like a challenging task to many people in India who are still not used to making online transactions with their debit and credit cards. However, it is not only easy and satisfying, but also ensures that you earn a set of tax exemptions for your efforts under Section 80G of the IT Act. Tax Deductions Available On Online Donations to Charities Here are a few things to remember before making donations to charities in India. Previously, people could make donations under 35acas well, but since the Financial Year 2017-18, it has been invalidated. Contributions that are made to certain charitable institutions and relief funds are eligible to be claimed as a deduction that comes under the donation under 80g of the Income Tax Act. However, all the contributions are not allowed to claim deduction under 80g. Only the donations that are made to specific prescribed funds qualify for deduction under this act. Any firm, individual or company who pays tax is considered eligible and can claim this deduction. 107, Hastsal Rd, Vikash Nagar JJ Colony, Uttam Nagar, New Delhi, Delhi 110059

  2. E-mail-Info@Protshan.co.in Phone no:(+91) 954- 078- 1011 Government rules governing tax deductions However, claiming this deduction also abides by a set of rules. The online donation made by an individual, firm or company has to be either in cash, via draft or cheque in order to claim this deduction. But, in cases of donors who have contributed through food materials, clothes, books, medicines or services will not be considered eligible for claiming the deduction. There is also a limitation to the amount of money donated (Rs. 10,000/-) that is to be followed in order to claim the deduction. This amount has been reduced to Rs. 2,000/- according to the new act (Financial Act 2017-18) which means, any contribution made that exceeds the amount of Rs. 2,000/- shall not be entitled to any deduction. People who are donating under the act of 80g are considered eligible for deduction up to either 50% or 100% that may or may 107, Hastsal Rd, Vikash Nagar JJ Colony, Uttam Nagar, New Delhi, Delhi 110059

  3. E-mail-Info@Protshan.co.in Phone no:(+91) 954- 078- 1011 not include some restrictions under this act. The method of donation has to be in any form other than cash in order to be eligible for donation tax exemption. It’s not always about money, money, money Donations be it through money, food items, groceries, clothes, books or services can always make a huge difference to the lives of people in need. Volunteering your time and skills is extremely needed by genuine NGOs as well. We all as a society should make some kind of contributions to the organizations that work for the betterment of the needy be it for elders, 107, Hastsal Rd, Vikash Nagar JJ Colony, Uttam Nagar, New Delhi, Delhi 110059

  4. E-mail-Info@Protshan.co.in Phone no:(+91) 954- 078- 1011 women, children, destitute, animals and others. Do your share and donate online today. 107, Hastsal Rd, Vikash Nagar JJ Colony, Uttam Nagar, New Delhi, Delhi 110059