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 section is 80 G.
Section 80G of the Income Tax Act, 1961 allows a deduction from taxable income for donations made to eligible funds and charitable institutions. The organisation must hold a valid 80G registration, and depending on the recipient the deduction is 100 per cent or 50 per cent of the donation, with or without a qualifying limit.
There is no section 60G, 70G or 90G dealing with charitable donations; the related provisions sit in the 80-series of Chapter VI-A, such as 80GGA for donations to scientific research and rural development.
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