Is PAN number required for donation?

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Is PAN number required for donation?

PAN is a mandatory document to be collected in case of a resident donor. This can be PAN, Aadhar, Taxpayer identification number of country where donor resides, passport number, election photo identity number, Driving license number, Ration card number.

Is donation to Akshaya Patra deduction?

As per the revised tax exemption act, effective April 1, 2017, donations above Rs 500 to Akshaya Patra will be eligible for 50\% tax exemption under Section 80G of Income Tax Act. By contributing to Akshaya Patra, you will help in feeding school children and also help yourselves with tax deduction benefit.

How can I file my 80G income tax return?

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For claiming deduction u/s 80G, you have to submit the following details in your Income Tax Return (ITR):

  1. Full Name of the Donee Institution.
  2. Amount of contribution made in the corresponding financial year.
  3. PAN Number of Donee.
  4. Address of Donee.

Can I save tax by donating to NGO?

Rules for deduction: As per Section 80G, a part of the amount that you contribute to an NGO qualifies for a tax deduction. The upper limit for this has been set at 10\% of your Gross Total Income. Within this too, while donations to some organizations are 100\% exempt from tax, while others are 50\%.

Is PAN required for 80G?

As per the Indian Income Tax Authority Rule, a donor is required to enter PAN for donations of and above ₹50,000 mandatorily. The PAN number would need to be added in case the donor wishes to receive the 80G certificate as well.

How much can I deduct for charitable donations?

Usually, cash donations that you can deduct are limited to 60\% of your adjusted gross income but that limit was temporarily eliminated for tax year 2021 returns, just like it was for 2020.

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What is the PAN number of PM Cares fund?

AAETP3993P
Yes, PM CARES Fund has been allotted a Permanent Account Number (PAN) AAETP3993P.

How much can I claim for charitable donations?

In general, you can deduct up to 60\% of your adjusted gross income via charitable donations (100\% if the gifts are in cash), but you may be limited to 20\%, 30\% or 50\% depending on the type of contribution and the organization (contributions to certain private foundations, veterans organizations, fraternal societies.

Are all donations to Akshaya Patra eligible for tax exemption?

However, not all donations are eligible under this section. • What Tax exemption benefit do I get? As per the revised tax exemption act, effective April 1, 2017, donations above Rs 500 to Akshaya Patra will be eligible for 50\% tax exemption under Section 80G of Income Tax Act.

What is the Akshaya Patra Foundation Trust Deed?

The trust deed of The Akshaya Patra Foundation, which is a trust registered in Bangalore, empowers the Board of Trustees to raise donations. The clause states:

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Why Akshaya Patra?

This is a universal fact and Akshaya Patra has been encouraging the public, corporations and foundations to support this programme for the benefit of the children. Akshaya Patra has robust accounting standards and policies, and complies with sound disclosure norms.

What is the average cost of Akshaya Patra meals?

The national average cost of the meal that Akshaya Patra provides is Rs.5.09 (2009-10). The national average subsidy received from the government (cash plus grain subsidy) is Rs.2.69. Hence there is a gap of Rs.2.41 to be raised by The Akshaya Patra Foundation to meet the running expenses.