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Donating to charities is a good thing because it helps you care less about material possessions and fulfills your responsibility to society. By donating, you are also serving God by helping others. The most important part of donating is the feeling of satisfaction you get from making someone smile.
There are many organizations you can donate cash or goods to save tax. Online donations with a few clicks have made it easier to donate. You can donate to charitable trusts, help locally, or donate your time if possible. Donating your time with good intentions is as valuable as donating money.
The amount or type of donation doesn’t matter as much as having the right intention. The important thing is to give your best in whatever way you can. It’s a noble act that brings you closer to God. Now let’s talk about another benefit of donating to save tax.
There is another advantage of donating that many people don’t know about – saving on taxes under Section 80G of the Income Tax Act. This law allows you to deduct donations to certain approved charities and trusts from your total taxable income.
Keep reading to learn how you can benefit under Section 80G by donating to eligible organizations and following the right process.
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
How Do You Calculate An 80G Donation to Save Tax?
Under Section 80G, you can deduct the donations you make from your total taxable income. But this only applies if you donate to certain approved organizations notified by the income tax department.
There is no specific category of people who can claim this deduction. In most cases, anyone who has donated to the specified institutions and government relief funds can claim it. However, donations to foreign trusts or political parties cannot be deducted under Section 80G.
The deduction under Section 80G can only be claimed if the donation is made by cash or cheque to the specific approved institutions. Be very careful when choosing an organization to donate to save tax, as the deduction amount varies based on that. Also, check the upper limit on deductible donations for each organization before donating.
In simple terms – you can reduce your taxable income by donating cash/cheque to certain approved charities, but not all charities qualify under Section 80G. Verify the eligibility and limits before claiming the deduction.
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 Of A Donation Can Be Deducted From Taxes?
If you donate cash, the maximum amount you can claim as a deduction is Rs 2,000. However, there is no maximum limit if you make the donation through cheque or digital payment.
Depending on which organization you donate to, you can claim either 50% or 100% of the donated amount as a deduction. There is also an upper limit in some cases.
The Income Tax Department maintains a list of approved institutions and the percentage of deduction allowed for donations made to each one.
For example, donations to the Prime Minister’s National Relief Fund and National Defence Fund qualify for 100% deduction with no upper limit. But for organizations like the Jawahar Lal Nehru Memorial Fund and PM’s Drought Relief Fund, only 50% of the donated amount can be claimed as a deduction.
In simple terms – cash donations are capped at Rs 2,000 deduction, but no limit for cheque/online donations. The deductible percentage and upper limit varies between 50-100% for different approved organizations as per the Income Tax list. Check the list before donating to understand the applicable limits.
Which of These Donations Qualifies For 100% Deduction Under Section 80G?
The Income Tax Department maintains lists of organizations whose donations qualify for a deduction under Section 80G to save tax. These lists also mention the percentage of the donation amount that can be deducted. The department updates these lists periodically.
Before donating to any organization, you should check these lists if you want to claim a 100% deduction on your donation to save tax. The Prime Minister’s National Relief Fund and the National Defence Fund are two examples where you can claim a 100% deduction with no upper limit on the donated amount to save tax.
In simple words – the Income Tax department has approved lists naming organizations eligible for 80G deductions and the deductible percentage. Check these lists before donating to ensure you can claim full or partial deduction. PM Relief Fund and National Defence Fund allow 100% deduction.
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 Can I Provide Proof For 80G?
To claim the 80G deduction, you need to keep certain documents ready. First, you must have the receipt issued by the trust/organization as proof of your donation. This receipt should have your name, address, the organization’s PAN number, registration number, name of the donor, and the donated amount.
You can then file your IT returns, entering the necessary details to claim the deduction. But be very careful in choosing the right organization, as only a few are covered under 80G, and the deductible percentage varies.
Donating to charitable trusts has multiple advantages. Not only are you fulfilling your social responsibility, but you can also save on taxes. It’s a selfless act of helping others without expecting anything in return, making it noble. By donating, you earn blessings while also saving on taxes.
All you have to do is check the Income Tax Department’s list of entities eligible for 80G deduction. Ensure the organization you choose allows 100% deduction without any upper limit.
We must contribute to society in whatever way we can. Money cannot be taken with us after death, so it’s better to use it to help those in need. Charitable institutions rely on donations to operate and help people, so our monetary contributions enable them to create an impact.
It’s not important to donate huge sums; every bit counts. So check the list now, familiarize yourself with the process of donating to your chosen organization. These tax-saving donations will not only reduce your taxes but also earn you blessings.
