Last-Minute Charitable Contributions: Give Back and Save on Taxes

Consider last-minute charitable contributions for both altruism and tax benefits as the financial year-end approaches. In India, donations to registered NGOs like CRY (50% tax exemption), Akshaya Patra Foundation (50% tax-deductible), and PMNRF yield tax benefits under Section 80G. Ensure eligibility, collect receipts, and maximise deductions (up to 50% or 100%). Giving back becomes a strategic financial move, making this year-end count for societal welfare and tax savings.

Key Takeaways

Last-minute charitable contributions can be a win-win, helping those in need while reducing your tax liabilities

Charitable donations in India, under Section 80G, provide tax benefits for contributions to registered NGOs, relief funds, and charitable institutions

Consider supporting CRY for underprivileged children - donations are eligible for a 50% tax exemption

Contribute to the Akshaya Patra Foundation to fight hunger and promote education, enjoying a 50% tax deduction

Support the Prime Minister's National Relief Fund (PMNRF) for natural disaster assistance, with tax benefits available

Maximise tax benefits by collecting receipts for all charitable contributions; deductions can range from 50% to 100% depending on the organisation

Giving back isn't just altruistic; it's also a strategic financial move. Make your financial year-end count by contributing and saving on taxes

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Last-minute philanthropy helps optimise taxes as the financial year-end nears, offering a chance to give back and reduce tax liabilities simultaneously.

In India, donations to eligible entities under Section 80G, like registered NGOs, relief funds, and charitable institutions, qualify for tax deductions. Verify the organisation's eligibility.

Collect receipts and certificates for all donations. These documents are essential when filing income tax returns and can influence deductions up to 50% or 100%.

Tax deductions can range from 50% to 100% of the donated amount, depending on the organisation. Ensure you understand the specific criteria for each charitable contribution to maximise benefits.

Yes, you can contribute to multiple eligible charities. Ensure you collect proper documentation for each donation to claim the respective tax deductions on your income tax returns.

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Last-Minute Charitable Contributions: Give Back and Save on Taxes

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