Donate For Humanity & Save Tax

Abstract

Many of us make donations every now and then but most of us are not aware that the donation comes with Tax Benefits. As per survey recently conducted only 4 percent of the individuals claim tax deductions on donations given by them. This is either due to ignorance of the fact that the donations come with Tax breaks. I agree that charity is not done with tax saving in mind, but one should be aware of the fact that the government has given tax benefits on the amount donated under various sections of Income tax Act, 1961. To achieve the specific objectives of the study, the data is collected from tax professionals such as chartered accountants, company secretaries. The data is also collected through secondary sources also such as Internet, websites, professional magazines, referred journals, news papers and conference books. In addition books on income tax and reports published by ICAI, ICSI and ICWA etc. have also been considered.