Donations play a pivotal role in supporting various charitable causes and contributing to the societal development. Section 80G of the Indian Income Tax Act provides tax deductions for donations made to eligible organizations. Comprehending the nuances of Section 80G is essential for both donors and recipients, ensuring transparency in charitable g
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The Definitive Guide to donating money for tax purposes
For contributions manufactured in 2021, the Restrict for these contribution deductions increased from fifteen% to 25%. The twenty five% Restrict is based within the taxable income for C firms, and for other organizations, including sole proprietorships, partnerships, and S organizations, the Restrict is based on their aggregate Internet income for