Giving back to those in need is a wonderful way to make a difference the world. Furthermore, it can also be a smart financial move by providing valuable tax benefits. By giving to eligible charities, you can reduce your taxable income and acquire money on your tax bill. Many factors determine the amount of your tax savings, like the amount you don
Tax Deductions for Philanthropic Contributions under Section 80G
Under Indian tax law, Section 80G grants deductible benefits to individuals who make philanthropic gifts to eligible organizations. These contributions are reduced against your tax liability, effectively reducing the amount of taxes payable. The extent of the deduction depends on the type of organization and the nature of the donation. It's crucial