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All You Should Know About Making Donations To The Ngos In India
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The concept of Old Age Homes has come into existence ever since the people have become much inclined towards living in nuclear families. It has contributed to the elders of the family being left alone. Also, opportunities, be it in terms of studies or jobs are something that nobody wants to let go of. Therefore, it is quite common for people to move to different countries and cities. As a result of which, the elders of the family are often left to manage on their own. But, when people reach a certain age where all they need is to be looked after, leaving them on their own can be a precarious decision.
This is where the concept of Old Age Homes comes into the picture. It is although a little difficult, in the beginning, to accept some other place as their new accommodation, Old Age Homes will prove to be of a much safer place for them. These NGOs play an exceptional role in making the country a better place for those in need. Hence, making donations to these NGOs can mean a lot.
Let us know about donating to the NGOs in India -
Donation under 80G Lets you donate money to an NGO and receive tax exemptions. A person, firm, company or organization that pays tax and has contributed to an approved charitable organization is considered eligible for claiming this tax deduction. To claim the deduction, the donation has to be made via cheque, cash or draft. However, if the contribution made in cash runs over the limit of Rs 10,000, then the deduction shall not be allowed. Other donations such as clothes, food items, medication etc. however are not entitled to such exemptions under this section.
According to the new act (Financial Year 2017-18), the amount of cash donation that fetches exemption has been reduced to Rs 2,000 from Rs 10,000. The amount of contribution in cash that exceeds Rs 2,000 shall not be entitled to any exemption. In order to be eligible for the donation tax exemption, the method of donation has to be in any mode other than cash.
Donations, regardless of what form it is in, can make a huge difference in the society and to yourself as well. Making contributions to such organizations that work for the welfare of different causes, be it supporting the elderly, children, women, destitute, animals and so on, can be immensely gratifying.
There are millions of people who make donations every year to the organizations that work for the welfare of causes that they personally believe in. Not only it alleviates the lives of people in need but also retrieves the contentment of the one who donates.
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