Tax Exemption Donation Faqs
• Income Tax Exemption in India: How does it work?
Tax exemption is the education allowed by law that lowers the taxable income. You can avail wholesome relief from tax or decreased tax rates, or tax will be for on a certain portion, as per various provisions of the Income tax for different types of income subject to prescribed conditions. Tax exemption is a mandatory exemption to a general rule rather than the absence of taxation in certain conditions. Tax exemptions are given to boost certain economic activities and to promote socially beneficial activities.
• What is Section 80G of the income tax act?
Section 80G of the Income tax allows the assessee to claim a deduction from his taxable income for the donation assessee has made to charitable entities that are approved by the IT dept.
Guruweshvar Shani Foundation has the approval of the IT dept under the above section.
You can search on the income tax website click here
• What Tax exemption benefit do I get?
Donations above Rs 500 to Guruweshvar Shani Foundation will be eligible for a 50% deduction from taxable income under Section 80G of the Income Tax Act.
The benefit is availed by reducing 50% of the donated amount from your taxable salary. For instance, if your taxable income per year is Rs 200,000 and you make a donation of Rs 5,000, then your net taxable income will become Rs 197,500 ( i.e., Rs.200,000 – 50% of your donation, i.e., Rs. 5000) . Your tax will now be calculated on this reduced taxable income basis the prevailing tax rates.
Details of 80G Guruweshvar Shani Foundation
Unique Registration Number 80G
Section/sub-section/clause/sub-clause/proviso in which provisional approval is being granted 12-Clause (iv) of first proviso to sub-section (5) of section 80G
Date of provisional approval 25-08-2022
Assessment year or years for which the trust or
institution is provisionally approved
From 25-08-2022 to AY 2025-
2026
NGO DARPAN ID – MP/2022/0323219