​The most important question for any taxpayer - How To Save Tax?

The commencement of the financial year is customarily an optimal time to initiate planning one’s tax-saving investments. Instead of deferring all year round and making speedy and hasty decisions in the last quarter, planning ahead of time will help you intensify your investments with your long-term fiscal goals. Whether you are a salaried person or an industrialist or whether you make rental revenue, or earn proceeds from your investments, you have to pay taxes.

 

With taxation being such an integral part of our financial lives, we must understand it to navigate it. How to save tax is a question we often ask but seldom answer. Here is our response on how to save tax - Section 80C, 80D and 80G of the Income Tax Act can help you plan your finances for maximum tax benefits! While one may be well-versed with the benefit of the deduction under Section 80C and Section 80D, Section 80G of the Income Tax Act serves as yet another novel alternative to save tax. Section 80G of the Income Tax Act permits you to claim tax deductions on donations made to charitable associations. Yes, a donation can help you save tax!

 

Certain rules under the Income Tax Act determine the amount of donation that can be claimed under section 80G. The value of the donated amount that can be claimed as a deduction completely depends on the entity to which one is donating. One such NGO that you could donate to is Save the Children that gives you a 50% tax exemption* on your income by donating, monthly or one-time, under Section 80G! This encourages individuals and organizations to donate towards diverse social causes under Indian taxation laws.

 

Save the Children are also prompt with the tax exemption certificate, which is sent to the donor within one week of the donation. Isn’t this a seamless procedure? Save the Children runs exclusively on donations. These donations help them sustain their programmes and facilitate the setting up of many more. Any donation made by you will be utilised by the NGO to plan and implement projects that benefit the deprived children of our country with regards to Health & Nutrition, Education, Child Protection, and Disaster Relief. Save the Children provides an opportunity to Indians, here and abroad, to serve their country, wherein every child attains the right to survival, protection, development, and participation.

 

Let as many people you know understand how to save tax and help a child simultaneously!

Visit www.savethechildren.in for more information.

 

*Your Donation is eligible for a 50% deduction subject to 10% of adjusted gross total income. Any amount that exceeds 10% of gross total income does not qualify for the exemption. We are a incorporated under Section 25 of the Companies Act 1956 as non-profit companies.