Tax exemption is the eduction 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 therefore 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.
Section 80G of the Income tax allows the assessee to claim deduction from his taxable income for the donation assessee has made to charitable entities who are approved by IT dept.
Sree Naaraayani Society has approval of IT dept under above section.
Donations above Rs 500 to Sree Naaraayani Society will be eligible for 50% deduction from taxable income under Section 80G of Income Tax Act. By contributing to Sree Naaraayani Society, you will help in child education and also help yourselves with tax deduction benefit.
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.
To take care of documentation expenses , Sree Naaraayani Society requests Aa minimum of Rs 500 be donated to avail tax exemption under IT sec 80 G.
Yes, you can expect your receipts within 10 days after you have made the donation.
We generate the tax certificate within 6 days from the date of contribution made through online donations. Including the courier process it takes 10 days for the exemption certificate to reach you. If you contribute offline it takes 15 to 20 days.
NRI (Non-Resident Indian) donors, who are Indian citizens, holding an Indian passport are eligible to tax exemption under section 80 G of the Income Tax Act. Don't forget to mention your Indian PAN Card Number in the online donation form to avail the tax benefits. You can also write to support@sreenaaraayanisociety.org for any further queries.
As a person subject to US Income Tax, you can avail of tax exemption under US Laws, by making a donation to our sister Foundation (USA)on https://swarnajit.org/ which is a legally registered section 501 ( c) (3) entity under US Laws.