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Video instructions and help with filling out and completing irs donation value guide 2021 spreadsheet
Music hello and welcome to an investment economy today we are going to discuss about section 8 PG which gives deductions on your donations doing charity is a noble task not just the God but the tax department acknowledges this fact as well therefore you get more than just good karma for donating your income to charitable institutions section 8 the G of Income Tax Act offers a tax deduction on contributions made to certain charitable institutions prescribed under the Income Tax Act all taxpayers are eligible under this section studying financial year 2021 18 any donations made in cash exceeding rupees 2021 will not be allowed as deduction therefore the donations exceeding rupees 2021 should be made in any mode other than cash to qualify as deduction under Section 8 eg in-kind contribution such as for material clothes medicine etc do not qualify for deduction under this section not to be able to claim this deduction the following details have to be submitted in your income tax return name of the Donny pan of the Dhoni address of the Nanyan amount of contribution you have made it only is the institution where you have donated donated your money as a documentary proof you should have stamped receipt from the Donny you have made the payment such receipt should have name address and pan of the trust or institution received should also include the name of the donor that is you and details of amount donated and the registration number of the trust under Section 8 eg and the validity of registration must be mentioned on the receipt now we should also talk about form 58 here so if your donation is eligible for 100% tax deduction then you also require a form 58 from the or the institution where you have donated the money details like cost of the project amount authorized for the project and actual amount collected by the Institute is mentioned in this form 58 Form 58 without it your claim for 100% tax deduction can be rejected even if you have a stamped receipt here's the format for this form now let's talk about the maximum deduction you can get under this section some donations qualify for either 50% or 100% tax deduction whereas some others qualify for the same deduction but up to a maximum limit of 10% of adjusted gross total income of the taxpayer so broadly they can be divided into these four categories donations made to some institutions is eligible for deduction without any upper limit while there are some others where the maximum amount of deduction is limited as per the prescribed provisions before knowing which institutions are eligible for which type of deduction let us understand what is adjusted gross total income here adjusted cross total income for this purpose is calculated as gross total income - all exempted incomes that is tax-free allowances received like HR a LT etc or agricultural income or dividend income from mutual.