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Friday 14 February 2014

Tax Savings Tips under Section 80G - Donations

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Tax Savings - Donations

One often donates a certain amount on philanthropic grounds to help the destitute. Such an amount can be donated to trusts, charitable institutions, approved educational institutions and qualifies for deduction under Section 80G.

The exemptions can be up to 50% or 100% of the donations made. Funds in which the donations are eligible for tax exemptions include the National Defense Fund, Prime Minister Drought Relief fund, National Foundation for communal Harmony, National Children’s Fund, Prime Minister’s National Relief Fund etc.

One needs to attach a proof of donation with their return of income to avail this exemption

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