Ayodhya Ram Mandir inauguration: How your donation can help you save money from income tax outgo?
₹2000 are not allowed as a tax deduction. Section 80G allows donations made to specified relief funds and charitable institutions as a deduction from gross total income before arriving at taxable income. -Donations should be specifically given for the renovation/repair of the temple -Donors should collect the donation receipt -Donations exceeding Rs.
2,000 should not be in cash -Deduction can be claimed up to 50% of the amount donated subject to the qualifying limit According to Archit Gupta, founder, Clear, the eligible deduction under 80G will be prefilled in your Income Tax Return (ITR). If the information is not there in the ITR form, you should contact the organization to check whether it has filed Form 10BD within the due date. “Some organizations allow 50% or total deduction, as applicable, without a qualifying limit, while others come with a qualifying limit of 10% of the adjusted gross total income.
This means all donations made to institutes falling in the latter category should not exceed 10% of the adjusted gross total income," said Gupta. The Central Board of Direct Taxes (CBDT) has said donations made to the Shri Ram Janmabhoomi Teerth Kshetra are eligible for deduction under Section 80G of the Income Tax Act, 1961. On January 22, a new chapter will be written in Ayodhya with Ram Temple Pran Pratistha ceremony which will be attended by Prime Minister Narendra Modi and over 7,000 guests.
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