Tax Donations Benefits: What All You Should Know

1. HelpAge India Tax Donations Benefits: What All You Should Know NGOs have come a long way. Right from where there were barely a few in the country, there are hundreds and thousands all across the country in almost every city. Most of them are doing well in looking after the displaced and downtrodden. They even contribute to the country’s economy and overall development. And these organisations run mostly https://www.helpageindia.org Toll Free No Elder Help Line C-14, Qutab Institutional Area 1800-180-1253 HelpAge India New Delhi - 110016

2. HelpAge India on donations received via charitable contributions. Generously donated funds help these organisations to function harmoniously. If you’re a person who’s truly interested in giving a portion of your income to NGOs, here’s what all you need to know: Tax Exemptions and deductions Donations come with tax exemptions and tax donations so if you’re a first timer this is extremely important for you to know what section(s) under the IT Act 1961 comes into effect for tax donations. One of them is donation under section 80G of the Income Tax Act 1961. As per the amendments under the Act (from Fiscal Year 2017-18), you can make cash donations up to Rs. 2000/- and receive donations and exemptions accordingly. Any amount in cash exceeding the specified amount will not be liable for a deduction or exemption as per the amendment. Before the FY 2017-18, the amount eligible (in cash) was Rs. 10,000/- Any amount other than in cash is not liable for any deduction or cash. But there are certain restrictions to it as well. Not all organisations provide a 100% tax exemption. It’s better to ensure that in order to receive the stated dispensation, you do a bit of research and validate that the NGO receiving your donation comes under the purview of this Act. The same applies to 50% tax deductions as well. https://www.helpageindia.org Toll Free No Elder Help Line C-14, Qutab Institutional Area 1800-180-1253 HelpAge India New Delhi - 110016

3. HelpAge India You can make the donation as an individual, group, community, company, firm or any other person. Tax benefits can be availed from the taxable income along with the tax amount being consequentially calculated. https://www.helpageindia.org Toll Free No Elder Help Line C-14, Qutab Institutional Area 1800-180-1253 HelpAge India New Delhi - 110016

4. HelpAge India Earlier, there was a provision to get a 100 per cent exemption on donation under Sec 35 AC of the Income Tax Act, 1961 but it has been scrapped since FY 2017-18. Why you should donate Will you do it because it’s a noble cause? No, that’s perhaps why you shouldn’t do it. There’s no obligation as such. You should do it because it should come from within that you yearn to be a part of the collective conscience that believes in eradicating misery from every individual’s life and also the fact that these organisations run on donations mostly and your contributions will most importantly aid them to provide amenities for the neglected beings. Ergo, you now realise how even the smallest of donations contribute to the biggest of changes. In addition, there are subsequent tax benefits which you can avail from registered organisations. Although certain https://www.helpageindia.org Toll Free No Elder Help Line C-14, Qutab Institutional Area 1800-180-1253 HelpAge India New Delhi - 110016

5. HelpAge India limitations persists but you can receive tax exemptions and tax donations from various charitable organisations, institutions, trusts, foundations, etc. those who have been properly registered. This goes up to 50 or 100 per cent. Moreover, it’s always a good feeling when you get to know your hard earned money is being put into something so novel. Remember, ‘every penny counts. Head Office HelpAge India C–14 Qutab Institutional Area New Delhi - 110016 headoffice@helpageindia.org 011-41688955/56 https://www.helpageindia.org Toll Free No Elder Help Line C-14, Qutab Institutional Area 1800-180-1253 HelpAge India New Delhi - 110016