Embarking on a philanthropic journey can be fulfilling. While the desire to contribute is commendable, understanding the nuances of tax benefits linked with charitable donations can boost your impact. Section 80G of the Income Tax Act provides a framework for eligible donations directed towards registered charitable organizations. By harnessing thi
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commonly, you may deduct your charitable contributions for the calendar year given that they do not exceed twenty% of AGI. even so, in a few constrained cases, you can deduct contributions nearly sixty% of your AGI. Note: This deduction will not be obtainable if somebody taxpayer opts to pay for taxes under the new tax regime (115BAC). David Kind