Income tax exemption refers to the reduction in taxable income, allowing for relief from taxes or lower tax rates on a specified part. It's an exception to the general rule of taxation under certain conditions, aimed at promoting specific economic activities.
Act Section 80G provides for deductions for donations made to charitable organizations or institutions. Not all donations qualify for this deduction; specific criteria must be met.
Effective April 1, 2017, donations of Rs 500 and above to 4Care Truly Blessed Foundation qualify for 50% tax exemption under Section 80G of the Income Tax Act. This contribution supports feeding school children and offers tax deduction benefits.
A minimum donation of Rs 500 is required to avail tax exemption under Section 80G of the Income Tax Act.
Yes, tax receipts are issued within 10 days of making the donation, either online or offline.
Cash donations above Rs. 2,000 are not eligible for 80G certificates.
Tax certificates are generated within 6 days of online donation. With courier service included, it takes 10 days for the certificate to reach you. Offline donations may take 15 to 20 days.
If the tax receipt is lost, a duplicate receipt may not be provided. However, an Income Tax Exemption certificate copy can be issued upon request.