{"id":48187,"date":"2024-05-15T13:53:12","date_gmt":"2024-05-15T08:23:12","guid":{"rendered":"https:\/\/www.techjockey.com\/blog\/?p=48187"},"modified":"2024-06-17T18:01:15","modified_gmt":"2024-06-17T12:31:15","slug":"80g-deduction-in-new-tax-regime","status":"publish","type":"post","link":"https:\/\/www.techjockey.com\/blog\/80g-deduction-in-new-tax-regime","title":{"rendered":"80G Deduction in New Tax Regime for Companies & Employees"},"content":{"rendered":"\n
Summary:<\/strong> Did you know that you can claim the deduction for up to 50% or 100% of the donated amount based on the institution to which you have donated. Keep reading the article to find out how you can do it.<\/p>\n<\/div>\n\n\n\n You always feel good when you help a cause or contribute to society with donations and charity. And, do you know what’s the best thing about it when you donate as a business or a professional? You get significant tax benefits!<\/p>\n\n\n\n For this nobility gesture, the government has also extended its support and offers tax deductions if you donate any amount. Section 80G of the Indian Income Tax Act supports tax deduction for contributions made to a specific relief fund or a charitable institution by any individual or business.<\/p>\n\n\n\n If you make donations, then you can easily claim tax deduction under the section 80G in addition to Section 80C and get the maximum tax benefits. Before we dive into more details, first, we will look at what exactly is Section 80G in Income Tax Act.<\/p>\n\n\n\n Section 80G of the Income Tax Act is the provision that lets taxpayers claim deductions on several donations made to charitable institutions and funds. This section’s main purpose is to provide incentives to organizations or individuals involved in any type of social, cultural, philanthropy, and economic development activities.<\/p>\n\n\n\n These taxpayers are eligible to claim deductions under the 80G tax regime for companies, individuals, and employees:<\/p>\n\n\n\n However, not all the donations made are eligible for deduction within Section 80G. Only those deductions made to prescribed funds (described below) will be qualified as the deduction.<\/strong><\/p>\n\n\n\n Note:<\/strong> This deduction can be claimed if an individual taxpayer chooses to pay taxes according to the new tax regime with certain restrictions and conditions (115BAC).<\/em><\/p>\n\n\n\n You can claim Section 80G deductions as a taxpayer for all the donations you made by using the following modes.<\/p>\n\n\n\n<\/span>What is Section 80G in Income Tax?<\/span><\/h2>\n\n\n\n
<\/span>Eligibility for Claiming Deduction Under 80G Tax Regime for Companies and Employees<\/span><\/h2>\n\n\n\n
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<\/span>Payment Mode for 80G Deduction<\/span><\/h2>\n\n\n\n