Donate For Humanity & Save Tax
Keywords:
philanthropists, social causes, donations, Income tax Act, 1961Abstract
Many of us make donations every now and then but most of us are not aware that the donation comes with Tax Benefits. As per survey recently conducted only 4 percent of the individuals claim tax deductions on donations given by them. This is either due to ignorance of the fact that the donations come with Tax breaks. I agree that charity is not done with tax saving in mind, but one should be aware of the fact that the government has given tax benefits on the amount donated under various sections of Income tax Act, 1961. In my research paper, I have tried to explain all these sections in a proper sequence. Under these sections, mainly three things are discussed.
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