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TAX EXEMPTION ON DONATIONS UNDER SECTION 80G

FAQ- Tax Exemption

Income Tax Exemption in India: How does it work?

Tax exemption is the financial exclusion that lowers the taxable income. Tax exemption is therefore a mandatory exemption to a general rule. Tax exemptions are given to boost certain economic activities such as the activities of the Charity Organization

 

  What are 80G donations?

80G is a certificate that exempts you from paying taxes if you have made donations to NGOs, charitable trusts that are registered to offer you exemptions from taxes. Donations to Narayan Seva Sansthan are exempt from 50% tax under section 80G of the Income Tax Act. The tax benefit is valid only in India.

 

What Tax exemption benefit do I get?

Making donations under section 80G can help you with tax deduction benefits. The exemption is calculated by reducing the donated amount from your taxable salary. For instance, if your taxable income per year is Rs 200,000 and you make a donation of Rs 5,000 then your net taxable income will become Rs 197,500. Your tax will now be calculated on this new amount basis the prevailing tax rates.

As per the revised tax exemption act, effective April 1, 2017, donations to Narayan Seva Sansthan will be eligible for a 50% tax exemption under Section 80G of Income Tax Act.

 

When can I get a tax exemption certificate?

We generate the tax certificate within 8 days from the date of the contribution made through online donations. Including the courier process, it takes 10 days for the exemption certificate to reach you. If you contribute offline it takes 15 to 20 days.

 

What is the minimum amount that needs to be donated to get a tax exemption?

A minimum of Rs 500 needs to be donated to avail tax exemption under IT sec 80 G for Online Donations.

 

Do you issue instant tax receipts?

Soft Copy Receipt of the donation is made available instantly. But, Hard Copy of your tax receipts can be provided within 10 days.

 

Are there tax exemptions on cash donations as well?

Cash donations above Rs.2, 000 are not applicable for 80G certificates.