Hey,
Don’t we all look for ways to save some extra bucks especially when it comes to saving taxes? I definitely do. And an 80G Certificate is the best way in which you can save taxes either partially or fully. I would be glad to share my knowledge and insight on this tax exemption method with you.
So, what is 80G certificate? An 80 G certificate is a document that helps you get tax exemptions when you donate to charitable institutions and trusts, in organizations that are registered to provide tax exemption, or in companies under section 8. Suppose a charitable trust is registered under section 12 A and you donate to it. Such donations are eligible for tax exemptions under section 80G. But there is a deduction criterion for this which says that if you donate more than 10% of your total gross income, the excess amount will not qualify for tax exemption.
Save big on your taxes by taking Home Loans for your dream home at as low as 6.5% interest at NoBroker. Who can avail tax exemptions under 80G?Now that you know what is the 80G certificate, I would like to tell you who can and cannot avail tax exemption under 80G.
Someone who makes a donation that is eligible for tax benefit can get an exemption under 80G.
Someone who donates to enlisted organizations and trusts, can avail tax exemptions too.
Donations made to unlisted or foreign organizations or trusts, cannot be exempted from taxes.
Donations made to political parties also do not qualify for tax savings
100% tax exemption is allowed for donations made to the Prime Minister Relief Fund under 80G.
50% exemption is allowed for deductions made to the “Indira Gandhi memorial trust”.
100% exemption is allowed for donations made to approved institutions that encourage and promote family planning.
I hope I could give you a lot of ideas about what is 80g certificate. Do let me know in the replies if you would like to know something more on this topic.
Click here to pay your utility bills on time and avoid any late charges, through NoBroker Utility Bills Payment services. Read More: What is Tax Exempt? How many home loans are eligible for Tax Exemption? How much Tax can be saved by Home Loan?
What is 80G Certificate?
Dishu Mishra
394 Views
1
3 Year
2022-04-21T20:22:49+00:00 2022-04-21T20:22:50+00:00Comment
Share