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How Does Making Donations Save You Money?
Elderly people contribute enormously to the development of society - if that they are properly taken care of. Cases of poverty, abandonment, insufficient health care, lack of health insurance and even abuse against the elderly people are increasing day-by-day, pretty shocking for a country that's well-known for its culture of giving respect to senior citizens.
Statistics indicate that government funding; old age pension arrangements are not enough and are not well administered. And, it's not difficult to understand why the support of a common man is so vital.
There are many organizations in India that make every effort to help elderly people live with independence as well as self-respect in their later years. Their support allows older people to stay in senior citizen homes and lead active and happy lives. And a small contribution from your side can change the lives of several elders enormously.
The act of kindness towards charitable donations returns in the form of tax savings, as well. Tax exemptions by the government encourage more people to make a contribution to worthy causes. Learn these vital things ...
... before making a contribution and save tax.
• All the charitable cash contributions are entitled for 50% to 100% exemptions on the taxable earnings.
• The percentage of the deduction depends on the charitable organization to which the donation is being made.
• Donations from the taxable or exempted earnings are to be made in the form of cheque or cash.
• A salaried individual is entitled for a 50 % deduction for making donation under 80G, providing the receipt bears the name of the donor as well as the company.
• Don’t miss to take a receipt for the contribution made for any social reason. The receipt must have your name, the trust’s name, the amount donated, as well as the registration number of the trust according to Section 80G.
• For pre-approved projects, donations are made under Section 35AC, eligible for 100% deduction.
How your support can change the life of an elderly person?
• You can decide whether to sponsor an elder for one month or a year. Your donation will provide an elder important rations or basic requirements, for example warm clothes as well as blanket.
• You can sponsor mid-day meals for poor older persons.
• You can volunteer in any the programs of the organization and a lot more.
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