Discussion
Which one of the following Sections of the Income Tax Act allows an individual or a company to claim exemption on their donations to voluntary organisation from their taxable income ?
Answer: C
The provision is Section 80(G) of the Income Tax Act.
Section 80G of the Income Tax Act, 1961 allows individuals and companies to deduct from their taxable income donations made to approved charitable institutions and funds, at 50% or 100% of the amount depending on the recipient. Voluntary organisations registered and approved under 80G can therefore attract donations more easily.
Sections 60, 70 and 90 deal with other matters (income of others included in one's income, set-off of losses, and double taxation relief), not with deductions for donations.
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