The Government of India has made provisions to encourage people to make donations. This means that one (individual/organisation) can donate their money towards a social cause or Social works and claim exemption under Section 80G of the Income Tax Act. Donating to an NGO is the best way to gain income tax exemption.
While donating towards Godwish Welfare Foundation, you as an individual or a corporate can claim for a 50% deduction at the time of filing your income tax return. The Foundation is registered under Section 12A (a) of the Income Tax Act, 1961 and is registered under Section 8 of Companies Act 2013 also Registered with NITI AAYOG of India. Godwish Welfare Foundation is an implementing partner of the Corporates and has been running verious Projects for Social and Environmental Impacts.
FREQUENTLY ASKED QUESTIONS
What Tax Exemption do I Get?
As per the revised tax exemption act, effective April 1, 2017, when you make donations above ₹500 to Godwish Welfare Foundation, your donation amount will be eligible for 50% tax exemption under Section 80G of Income Tax Act.The exemption is calculated by reducing the donated amount from your taxable salary. For instance, if your taxable income per year is ₹2,00,000 and you make a donation of ₹10,000 then your net taxable income will become ₹195,000. Your tax will now be calculated on this new amount basis the prevailing tax rates.
What is the Minimum amount that needs to be donated to get tax exemption?
A minimum of ₹500 needs to be donated to avail tax exemption under IT sec 80G. However, cash donations above ₹2,000 are not applicable for 80G certificates.
When Can I get a tax exemption Certificate?
We generate the tax certificate within 7 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.
However, we may not be able to provide you a duplicate receipt. But we can send you the Income Tax Exemption certificate copy.
I am an NRI, Will I get tax exemption on my Donation?
NRI (Non-Resident Indian) donors, who are Indian citizens, holding an Indian passport are eligible to tax exemption under section 80G 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 info.godwishwelfare@gmail.com for any further queries.
