Most people want to donate but have confused to get the income tax exemption from that donation. Some of us in India believe donating to someone will benefit other ways. But contributing to NGOs like Lemooria Foundation and ACTIV will give tax benefits immediately.
When we pay taxes, the government will only use that for public benefits. Instead, the government gives us freedom of choice to donate and encourages us to contribute more and more by providing tax exemptions.
What is Tax, and who can donate and get income tax exemption?
Income Tax exemption is available for those paying taxes to the government for their earned income in India. So they can donate to Lemooria Foundation and get income tax exemption for what they have contributed. Our country has many tax systems, but we are discussing only income taxes here.
Because most of the people in our country are salaried, they have to pay income tax for the income they earn. So generally, they say Income Tax Simply as Tax. Besides salaried persons, business owners and their companies also pay income taxes.
eligible to pay tax
Person and Company who earns more than Rs.2,50,000 has to pay income tax. There are too many Slabs and conditions for income taxpayers. It is available on the Income Tax Department site itself. Please click this link to know the Incometax slabs and deduction for Salaried Individuals for AY 2021-22. Please click this link to learn the Income-tax slabs and deductions for Domestic Companies for AY 2021-22.
Income tax exemption on cash donations
In India, the Maximum amount of Cash donations receivable or payable is Rs.2000.00. More than Rs.2000.00 cash donations are not eligible to get tax benefits. A minimum cash donation of Rs.500 is eligible to avail the tax benefit.
Limitations on Tax Benefit
The Maximum Tax Benefit per year is Rs.1,50,000.00
Only donations made in online transfers or cheques are eligible for a tax deduction. Donations made in cash do not qualify for a tax deduction while exceeding Rs.2,000
Donors who hold the PAN number can get the tax benefit certificate.
NRI, who holds an Indian passport and PAN Number, can get the tax benefit certificate.
However, we issue a 50% of tax exemption certificate of the amount contributed, the donor would qualify for the same deduction but up to a maximum limit of 10% of the adjusted gross total income of the taxpayer
Donations made more than Rs 2000 in any mode other than cash qualify as a deduction under section 80G, Income-tax Act, GOI.
Please Don’t forget to enter your PAN Number while donating in any online transfer.
Lemoooria Foundation has no restriction in receiving donations. Limitations are only limited to providing tax benefit certificates.
LEMOORIA FOUNDATION
+91-96770-92443
Account Details
Current Account
A/C NO: 920020010852768
IFSC CODE : UTIB0002772
MICR CODE: 600211072
BANK: AXIS Bank
Branch: KK Nagar, Chennai
