Deduction Under Section 80G of the Income Tax Act.
Financial Year 2016-17.
Deduction under 80G is related to deduction that any person can deduct from his gross taxable income in order to reduce his tax liability by donating amount for the social causes.
Any person or assessee who makes an eligible donation is entitled to get tax deductions subject to conditions. Section 80G does not restrict the deduction to individuals, companies or any specific category of taxpayer.
No deduction under this section is allowable in case of amount of donation if exceeds Rs. 10,000/- unless the amount is paid by any mode other than cash.
Eligible Donations with 100% deduction under section 80G without qualifying limits are:
- 1. National Defence Fund
- 2. Prime Minister’s National Relief Fund
- 3. Prime Minister’s Armenia Earthquake Relief Fund
- 4. Africa (Public Contributions-India) Fund
- 5. National Children’s Fund (from 1-4-2014)
- 6. National Foundation for Communal Harmony
- 7. Chief Minister’s Earthquake Relief Fund (Maharashtra)
- 8. Zila Saksharta Samitis
- 9. National or State Blood Transfusion Council
- 10. Fund Set up by State Government to provide medical relief to poor
- 11. Army Central Welfare Fund
- 12. Indian Naval Benevolent Fund and Air Force Central Welfare Fund
- 13. Andhra Pradesh Chief Minister’s Cyclone Relief Fund
- 14. National Illness Assistance Fund
- 15. Chief Minister’s Relief Fund or Lt. Governor’s Relief Fund in respect of any state or Union Territory
- 16. National Sports Fund
- 17. National Cultural Fund
- 18. Fund for Technology Development and Application
- 19. Fund set up by State Government of Gujarat exclusively for providing relief to victims of earthquake in Gujarat
- 20. National Trust for Welfare of Persons with Autism, Cerebral palsy, Mental retardation and Multiple Disabilities
- 21. Sums paid between 26-1-2001 and 30-9-2001 to any eligible trust, institution or fund for providing relief to Gujarat earthquake victims.
- 22. The Swachh Bharat Kosh (from assessment year 205-16)
- 23. The Clean Ganga Fund (from assessment year 205-16)
- 24. National Fund for Control of Drug Abuse (from assessment year 2016-17)
Eligible Donations with 50% deduction under section 80G without qualifying limits are:
- 1. Jawaharlal Nehru Memorial Fund
- 2. Indira Gandhi Memorial Trust
- 3. The Rajiv Gandhi Foundation
- 4. Prime Minister’s Drought Relief Fund
Eligible Donations with 100% deduction under section 80G subject to 10% of adjusted gross total income are:
- 1. Government or approved association for promoting family planning, universities and approved educational institutions of national eminence.
- 2. Indian Olympic Association
Eligible Donations with 50% deduction under section 80G subject to 10% of adjusted gross total income are:
- 1. Any other fund or any institution which satisfies conditions mentioned in section 80G(5)
- 2. Government or any local authority to be utilised for any charitable purpose other than the purpose of promoting planning.
- 3. Any authority constituted in India for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns, villages or both.
- 4. Any corporation referred in section 10 (26BB) for promoting interest of minority community.
- 5. For repairs or renovation of any notified temple, mosque, gurudwara, church or other place.
Deduction Under Section 80GGB of the Income Tax Act.
Section 80GGB: Deduction on contributions given by companies to Political Parties
Deduction is allowed to an Indian company for amount contributed by it to any political party or an electoral trust . Deduction is allowed for contribution done by any way other than cash.
Political party means any political party registered under section 29A of the Representation of the People Act. Contribution is defined as per section 293A of the Companies Act, 1956.
Deduction Under Section 80GGC of the Income Tax Act.
Section 80GGC: Deduction on contributions given by any person to Political Parties
Deduction is allowed to a taxpayer for any amount contributed to any political party or an electoral trust . Deduction is allowed for contribution done by any way other than cash.
Political party means any political party registered under section 29A of the Representation of the People Act.