You could be either a salaried employee or an entrepreneur, you are a taxpayer in the country by default. However, to reduce your income tax liability, there are various allowances available for exemption of tax. You can claim tax deductions by investing in House Rent Allowance, Leave Travel Allowance, Food coupons, Home Loan, Non-Government Organizations (NGO), etc.
There are approximately 3-3.6 million NGOs in India.
An NGO is a Non-Governmental Organization that aims at doing something good to others without any expectation.
Have you contributed towards an NGO? If your answer is no, you have one major reason to save on your taxes – Donation.
There are various NGOs that help you donate by charity.
Doing charity is a selfless act. To encourage donating for good causes, the Income Tax department allows people to claim exemption under Section 80G on the amount that is donated to NGOs and charities.
The Akshaya Patra Foundation is an NGO in India that works consistently towards providing healthy, nutritious meals to school-going children. It reaches out to 18,02,517 children in 51 locations across 12 States & 2 Union Territories of India and provides freshly cooked meal on all school days. They implement the Mid-Day Meal Programme in 16,856 schools across the country. It strives to reach out to all the children and provide them with the much-needed school meals.
You can be an active part and contribute actively towards NGOs for the betterment of the society. The Government of India introduced Section 80G as tax exemption in India. Under this Act, the amount that is donated towards an NGO can be claimed as a deduction while you file your IT returns. However, the charitable trust should be registered to offer you exemptions from taxes. The donor can claim IT exemption of 100% or 50% of the donation amount depending upon the criteria set by the Income Tax Act.
For any NGO to be fully operational and functional, financial contributions are essential. Every denomination of your money is utilized towards achieving the agenda of the NGO If you donate to Akshaya Patra, your money will be used to providing wholesome, mid-day meals to school children going to Government and Government-aided schools.
Making donations for such initiatives will make lives of other people better. Apart from that, the joy that you experience on thinking ‘That child wasn’t going to school because he couldn’t concentrate in class due to hunger. But because I donated for the child’s meal, he doesn’t miss a day of going to school.’ This is when you are a proud human being.
If you want to identify yourself as life-changer, contribute regularly to any charity that you can connect with. Click here to make your donation today! Your efforts today will build a better, healthy and energetic generation tomorrow.