Donating for Covid Relief operations for income tax exemptions
The nation is fighting Covid-19 pandemic threat. NGOs and the goverment is working tirelessly in Covid relief operations to avoid a community spread. Dreading income tax deductions? Who doesn't? Through many of our investments, we try to look for ways to get i ncome tax exemption and make many choices that suit our financial needs and requirements, all in the name of saving tax. We hope you have considered all the options available to you; also, if you haven't already heard of this, we hope you do now – donations can help you with income tax deductions! Want us to elucidate further? Well, buckle up! Firstly, let's understand what Section 80G of the Indian Income Tax Act is all about. This section under the IT Act allows an income tax deduction on donations made to any charitable organization and certain relief funds. One must also note that all donations are not qualified for deductions under Section 80G; only donations made to prescribed fun...