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. Grasping the nuances of Section 80G is vital for both donors and recipients, ensuring accountability in charitable giving.
Tax Deductions for Philanthropic Contributions under Section 80G
Under Indian tax law, Section 80G grants financial incentives to individuals who make philanthropic gifts to eligible organizations. These gifts are deducted from your taxable income, effectively reducing the amount of taxes payable. The extent of the deduction depends on the type of organization and the nature of the contribution. It's crucial to