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After working hard and creating wealth for ourselves, many of us want to give back to society by donating to charity and also want to save tax under 80g. The ancient saying “Tyag Ke Saath Bhog Karo” or “Learn to give to the needy while enjoying life’s pleasures” is still relevant today.
The Indian government recognizes this desire to help others. It allows people to transfer funds to registered charitable organizations and NGOs to save tax under 80g. The government also provides tax benefits to those who donate to charity and save tax under 80g.
Tax laws may seem complicated, but they don’t have to be. One tax rule that often gets overlooked is the tax deduction under Section 80G. You may have heard of Sections 80C and 80D, but 80G could be new to you. Let’s explore this other form of tax exemption called Section 80G.
By donating to eligible organizations, you can claim a deduction on your taxable income under Section 80G. This reduces the amount of income tax you need to pay. The more you donate, the higher your tax savings can be.
The construction of Radha Krishna temple has started again. Help us to build Radha Krishna temple.
Donate cement and Radha Naam Bricks and receive immense blessings from Shri Radha Krishna
“He who builds or helps in building a temple will save his father, grandfather and the eight tirthas of his ancestors from going to hell” – Vamana Purana.
Get Benefit Under 80G on Donations Made at ISKCON
What is 80G Tax Exemption?
Section 80G allows you to reduce your taxable income by claiming a deduction for donations made to approved charitable organizations and funds. It’s a way to save on taxes while doing good for society.
Under income tax rules, donations to registered trusts, NGOs, charitable institutions and certain government relief funds qualify for this deduction. The donated amount gets deducted from your total taxable income before calculating tax and this way one can save tax under 80g.
However, this deduction is only allowed for organizations approved and notified by the Income Tax department. Donating to unauthorized entities does not qualify.
The percentage of deduction varies – it can be 100% or 50% of the donated amount depending on where you donated. For certain specified funds/institutes, you get 100% deduction.
There are some important rules:
- The organization must provide their Income Tax registration details as proof.
- Maximum cash donation eligible for deduction is Rs 2,000 per year. No limit if paid by cheque/online.
- Donations of food, clothes etc do not qualify for deduction.
- For temple/church renovations, 50% deduction is allowed subject to 10% of your total income.
So in simple terms, Section 80G incentivizes donating to noble causes by reducing your taxable income through these deductions, as long as you follow the specified rules.
Iskcon Ghaziabad distributes free meal to needy people everyday.
Join us by making a kind contribution to provide the prasadam to the needy people.
Scriptures mention food (prasadam) distribution as one of the most charitable acts. Food (prasadam) distribution is a tradition that dates back to ancient times. Prasadam is infused with blessings. It not only nourishes the body but it energizes the soul one with unlimited blessings of Lord RadhaKrishna
Please donate generously and do not miss this unique opportunity to receive the unlimited blessings of Lord Krishna. Contribute to help us make this this occasion very special.
AVAIL 80G BENEFITS ON THE DONATIONS MADE TO ISKCON
How Much Donation is Tax-Free in India?
As mentioned before, you can claim either 50% or 100% deduction on the amount you donate, depending on where you donate as per the Income Tax rules to save tax under 80G. The type of organization you donate to determines if there is an upper limit on the deductible amount or not.
If there is no upper limit, then you can claim 100% deduction for donations made to funds like the Prime Minister’s National Relief Fund and the National Defence Fund.
For donations to funds like the Jawaharlal Nehru Memorial Fund and Prime Minister’s Drought Relief Fund, you can claim 50% deduction with no upper cap.
There is an upper limit in some cases where the deduction is capped at 10% of your total taxable income for that year. Here you can claim either 50% or 100% of the donated amount, but subject to the 10% limit.
For example, if you donate for renovation/repair of religious places like temples, mosques, churches etc., you can claim 50% deduction limited to 10% of your income.
Similarly, if you donate to the government or local authorities for promoting family planning, you can claim 100% deduction up to 10% of your total income.
So in simple terms, while Section 80G encourages donations, the level of tax deduction depends on where you donate to save tax under 80g as per the specified list and conditions in the Income Tax rules.
Sadhus are those who engage in the service of Lord Krishna and have surrendered completely themselves to Lord Krishna. They perform kirtans in temples and serve the societies by spreading the teaching of the Shrimad Bhagavad Gita.
Lord Krishna is more Pleased when sadhus are served. Kindly Donate to feed Sadhus and get the spiritual shower of blessing and success in your life.
AVAIL TAX BENEFITS UNDER 80G ON THE DONATIONS MADE TO ISKCON
How Much of a Donation is Tax Deductible?
According to income tax laws on donation exemptions, your donations are only tax-deductible if you contribute to Indian organizations, local bodies or government funds.
The level of tax deduction you can claim depends on where you donate and for what purpose. It is calculated as either 50% or 100% of the donated amount.
As mentioned before, donations to certain specified funds like PM National Relief Fund allow 100% deduction. For others like donations for renovating religious places, it is 50% deduction subject to 10% of your total income.
The mode of payment also matters. Cash donations above Rs 2,000 don’t qualify for deduction. But there’s no limit if you donate via cheque/online transfer.
This donation tax exemption under Section 80G of the Income Tax Act is available to anyone in India. Any resident or non-resident Indian is eligible to claim these deductions for eligible donations made to approved organizations and funds.
So in simple terms, the income tax laws incentivize donating to noble Indian causes by allowing deductions from your taxable income. But you need to follow the specific conditions laid out for where you donate and what amount/percentage qualifies for exemption.
Donations to ISKCON can be Used For 80G Deduction
The International Society of Krishna Consciousness (ISKCON) is a cultural non-profit organization founded in 1966. It runs several charitable projects to help society. Three of its major charitable initiatives are:
- International Society for Cow Protection
- ISKCON Tribal Care Trust
- Food for Life Global
ISKCON devotees and supporters are welcome to donate funds to these noble causes. By doing so, they can claim tax deductions on their donations under the Income Tax laws for trusts and charities.
Specifically, donations made to the ISKCON temple in Ghaziabad is eligible for a 50% tax deduction under Section 80G of the Income Tax Act. However, there is a qualifying limit on the deductible amount as per the Income Tax guidelines.
So in simple words, if you donate money to ISKCON’s charitable projects like cow protection, tribal welfare or food distribution, you can reduce your taxable income by up to 50% of the donated sum, subject to the maximum limit allowed. This tax benefit aims to encourage donations to ISKCON’s philanthropic activities.
