Income tax benefits on donations

I have made donations for Rs.36,666/- to ISKCON in the financial year 2011-12. I have got a receipt indicating that exemptions can be taken on Income Tax and I am in the tax bracket of 30%. How much benfit I will get and what is the procedure?

asked Feb 24 '12 at 17:03 by srimanta 1245

You would need to claim deduction for donation u/s 80G while filing income tax return. There is no need to submit receipt with income tax return.

You can deduct 50% of donated amount from taxable income and thus can save around 5600 Rs income tax.

answered Feb 25 '12 at 15:54 by Pankaj Batra 5.2k320


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Asked: Feb 24 '12 at 17:03

Seen: 2,392 times

Last updated: Feb 25 '12 at 15:54