Thursday, February 27, 2014

IT REBATE FOR DONATIONS under section 80 G of the Income Tax Act, 1961

Here are some useful information
Donations for charity come under section 80 G of the Income Tax Act, 1961. This section has classified charity funds under various heads, each of which give the donor a different kind of tax rebate. However, please remember, that for all charity donations the deductions are made directly from the gross total income of the assessee.
The contributions for charity fall under two broad categories :-
A) Those where the total sum donated is deductible from the assesse's gross income. These donations would be more beneficial to you, in case you wish to donate for charity.
B) Those where only 50% of the amount donated will be deducted from total income....Read more here "

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