AMPLIFYING YOUR CONTRIBUTIONS: CHARITABLE DONATIONS UNDER SECTION 80G

Securing financial advantages through charitable donations is a noble endeavor that encourages responsible wealth management. Under Section 80G of the Income Tax Act, taxpayers can claim deductions on their income tax returns for contributions made to eligible non-profits. This provision not only minimizes your tax liability but also channels resou

enterprises donating food items inventory which might be qualified for the existing enhanced deduction (for contributions to the care of your sick, needy and infants) may qualify for greater deduction restrictions. For contributions produced in 2021, the Restrict for these contribution deductions is improved from 15% to 25%. For C companies, the 25