Donation tax deduction limit under 80G
As the financial calendar ticks down to the end of March 2020, we all get into the tax-saving groove. In case you have donated this year, you will be able to claim the same under Section 80G of the Income Tax Act that offers tax-saving provisions for charity. Section 80G enables tax exemptions for everyone – individuals, companies, and partnership firms. It also pertains to NRIs, making it an exceedingly attractive investment option, where the Government offers Section 80G donation tax exemption as an incentive for donation. However, one should be made aware of the donation tax deduction limit . U nder the 100% category of tax deduction, the following schemes come in the deduction limit - National Defence Fund, Prime Minister's National Relief Fund, The National Foundation for Communal Harmony, and the National/State Blood Transfusion Council. Further, it is possible to claim donations under the same category if one makes donations to local authorities or the Government...