Making Your Money Count: The Intersection of Tax Savings and Meaningful Giving Through NGOs - Blog



Making Your Money Count: The Intersection of Tax Savings and Meaningful Giving Through NGOs

June 18, 2024 | Contributed by Preeti Kumar

In today’s world most of us are trying to maximise our savings and ensure that we make optimum use of our hard-earned money. With rising expenses, financial planning which involves maximising savings and minimising expenses has become important. Parallelly, we also live in times where there is a big disparity between the haves and the have-nots. A large section of our society continues to be deprived of basic services including access to healthcare. Given these circumstances opportunities where one can save tax by donating to NGO present an excellent choice of financial prudence. This allows one to save the money one spends on tax while at the same time support a cause that makes an impact on the life of an individual.

Tax Savings on Charitable Donations:

In India under section 80 G of the Indian Income Tax Act, one can save the deductible tax by donating to an NGO registered under this Act. To avail of these the following points, need to be kept in mind:

  • Eligibility: To avail of tax benefits, it is important to identify the best NGO to donate money and one that is recognised under section 80G. At Genesis Foundation we are registered under section 8 G where All Indian residents are entitled to a 50% tax deduction under Section 80G of the Income Tax Act, 1961. Donors are issues received a soft copy of their receipt.
  • Donation: For the donation to be eligible for a tax exemption, it is important that these are monetary. In Kind donations do not qualify for exemptions. it is also important to note that cash donations in excess of Rs 2000 also do not qualify for tax deductions.
  • Documents: to claim for a benefit through donation it is important to have all the documentation in order. A receipt should be taken from the NGO along with your name, PAN number and amount donated mentioned on the same.

Some of the reasons why we are one of the best Ngo to donate money to are:

  • Utilisation of 100% donations: At the Foundation, 100% donations received from individual donors are used for the treatment of the children with no allocation towards administrative expenses. This means that every rupee that we receive from individuals goes to save the life of a lesser privileged child.
  • Trust and Credibility: At the Foundation we are extremely transparent about the utilisation of donor funds. Every donor receives a report on the child they have supported. We also always welcome all our donors to visit the children while they are at the hospitals to be able to meet the families in person. Abiding by all legal and compliance requirements, we have a registration for CSR Form 1, 12 A, 80G, and FCRA registration as well.
  • Multiple ways to donate: We offer a wide options for making payments. These include Paytm wallets, net banking, bank transfers, payment through cheques etc. In addition, one also the choice to make a one time or monthly recurring donation.
  • Save a Life: Every donation has the power to save the life of a child waiting for a treatment for their congenital heart defect. Thus, by donating to us, you are giving a child the gift of life and the parents of that child another chance to keep their hopes and dreams alive. This enables you to make a lasting impact on the society around you.

Thus, by supporting an NGO like Genesis Foundation, you can maximise the impact of your money. By contributing to the work that we do, you not only are able to save tax by donating to NGO under the Income Tax Act, but you also give a child a chance to live – that is a very big gift and opportunity that one can give to anyone.

All donations that you make brings about a positive change in the larger community. Thus donations offer the opportunity to contribute to a greater good and also help with better financial planning. Every donation has the power to transform lives. The life of every chid is precious. Save Your Tax and Help us Save Little Hearts.

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Disclaimer: The content shared on our website, such as texts, graphics, images, and other materials are for informational purposes only. Any of the content is not intended to be a substitute for professional medical advice, diagnosis, or treatment. Always seek the specific advice of your physician or a qualified health provider for any questions you might have regarding a medical condition. Genesis Foundation assumes no responsibility for any reliance you place on such materials on our website.