Donors are eligible to get a 50% tax deduction on the amount paid, if the amount does not exceed 10% of their Adjusted Gross Total Income. When you donate to Naavi, you will immediately receive a certificate under Section 80G, along with your Donation Receipt, which will contain all details to claim tax deduction while filing tax returns.
For transfers being done from within India, bank account details given below:
Account Name: Naavi Welfare Foundation
Account No.: 006320110000895
Bank Name : Bank of India
IFSC Code: BKID0000063
Bank Address: Turner Road Branch, Bandra (W), Mumbai 400050.
We thank you for your support.
What is Section 80G?
Section 80G of the Income Tax Act provides a 50% exemption from paying tax on donations made to funds or organizations qualifying under the act. This Section offers tax deductions on donations made to certain funds or charitable organisations with a qualifying limit not exceeding 10% of Adjusted Gross Total Income. Various NGOs and Government organizations come under this section.
How to save income tax under 80G?
Deduction under Section 80G of Income Tax Act can be claimed by individuals, partnership firms, HUF, company and other types of taxpayers, irrespective of the type of income earned. When claiming the deduction, the individual claiming the deduction must submit the following details-
- The name and address of the trust
- The name of the Donor
- The investment under 80g or the amount donated; both in words and figures
- The Registration number of the trust, as provided by the Income Tax Department along with its validity.
NOGs, Trust and institutions registered under Section 80G are provided with a registration number by the Income Tax Department and donors should ensure their receipt contains this number. This registration number needs to be valid on the date of a particular donation. If the donation is made while the Section 80G registration is not valid, then the donation would not be eligible for deduction.
Adjusted Gross Total Income
The term ‘adjusted gross total income’ refers to the Gross Total Income (which is the summation of income under various heads prior to providing relief under the provisions of Chapter VI-A) as reduced by the following:
- Amount deductible under Sections 80CCC to 80U (without including Section 80G)
- Exempt income as per Section 10 of the Act
- Long-term capital gains
- Short- term capital gains taxable @15 per cent under section 111A.
- Income referred to in Sections 115A, 115AB, 115AC, 115AD, pertaining to non-residents and foreign companies.
Naavi Welfare Foundation 