Quick Summary
Section 80G of the Act, inter alia, provides for the procedure for granting approval to certain institutions and funds receiving donation and the allowable deductions in respect of such donations to the assessee making such donations. 2. Sub-section (2) of section 80G of the Act, inter alia, provides the list of these funds to which any sum paid by the assessee in the previous year as donations is allowed as a deduction to an extent of 50 per cent/100% of the amount so donated. 3. It has b
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FAQ :
Section 80G of the Act outlines the procedure for approving institutions and funds that receive donations, and specifies the allowable tax deductions for individuals making such donations.
The Budget 2023-24 proposes to remove three specific funds from the list within Section 80G that are eligible for tax deductions on donations.
The amendment proposes to omit sub-clauses (ii), (iiic), and (iiid) of clause (a) of sub-section (2) of Section 80G, which refer to funds based on the names of persons.
These amendments will take effect from 1st April 2024.
The changes will apply to the assessment year 2024-25 and subsequent assessment years.
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