These days, special contribution has been made for the monkeys in Ayodhya, the city of Lord Ram. While Ayodhya has been illuminated with lamps on Diwali, this Diwali was also very special for the monkeys. Where Bollywood actor Akshay Kumar came forward to feed them and donated an amount of Rs 1 crore to feed them. In such a situation, let us know how much exemption Akshay Kumar will get for donating so much.
How much tax exemption will be available on donations in India?
Tax exemption on donations in India is given under the Income Tax Act., under this act, Income tax deduction is allowed on donations made to certain organizations, These organizations are generally charitable, Scientist, are engaged in cultural or educational activities,
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Will there be tax exemption on donations for monkeys?
To know whether the actor will get tax exemption on this donation or not, It is important to understand that the organization to which they have donated, Whether it is a recognized organization under the Income Tax Act or not, If the actor has donated to an organization which is recognized under the Income Tax Act and which works for the welfare of monkeys, So they can get tax exemption on this donation,
The main objective of that organization should be charitable. If the organization is concerned with the welfare of monkeys,Also engaged in other activities, Still he can get tax exemption, Provided that donations made for the welfare of monkeys constitute a significant portion of the total income of the organisation., Apart from this, the percentage of tax exemption also depends on which category the organization falls in., to some organizations 100% You can get tax exemption up to, While other organizations may get a lower percentage discount,
What is necessary for tax exemption?,
Tell us how to claim tax exemption, The donor will have to take a certificate of the amount of donation from the organization., This certificate is required to be attached with the income tax return.,
Apart from this, the donor has to follow certain conditions to get tax exemption., Like tax exemption is available only on cash donations, Donations given in the form of goods or services are not tax exempt.,
