Tax Exemption Donation Faqs
Tax Exemption Donation Faqs
• What is 100% Tax exemption?
The Akshaya Patra Foundation is an NGO registered under section 35AC of the Income Tax Act 1961. Therefore every donation above Rs 500 made to The Akshaya Patra Foundation is eligible to a 100% tax exemption under Section 80GGA.
The exemption is calculated by reducing the donated amount from your taxable salary. For instance, if your taxable income per year is Rs 200,000 and you make a donation of Rs 5,000 then your net taxable income will become Rs 195,000. Your tax will now be calculated on this new amount basis the prevailing tax rates.
• What is the minimum amount that needs to be donated to get a 100% tax exemption?
A minimum of Rs 500 needs to be donated to avail of 100% tax exemption under IT sec 35AC/ 80GGA (bb).
• Do you issue Tax receipts? How long does it take for them to reach us?
Yes, you can expect your receipts within 10 days after you have made the donation.
• Is there tax exemptions on cash donations as well?
Cash donations above Rs.10,000 is not applicable for 35 AC or 80G certificates.
• When can I get a tax exemption certificate?
We generate the tax certificate within 6 days from the date of contribution made through online donations. Including the courier process it takes 10 days for the exemption certificate to reach you. If you contribute offline it takes 15 to 20 days.
• What if the Tax receipt is misplaced?
We may not be able to provide you a duplicate receipt. But we can send you the Income Tax Exemption certificate copy.
• I am an NRI. Will I get tax exemption on my donation?
NRI (Non-Resident Indian) donors, who are Indian citizens, holding an Indian passport are eligible to 100% tax exemption under section 35 AC or 80GGA of the Income Tax Act. Don’t forget to mention your Indian PAN Card Number in the online donation form to avail of the tax benefits. You can also write to firstname.lastname@example.org for any further queries.
• If I am a resident of the U.S. will I be eligible for tax exemption?
As a resident of the U.S. you can avail of tax exemption by making a donation on www.foodforeducation.org , the U.S. chapter of The Akshaya Patra Foundation.
• If I am a resident of the U.K. will I be eligible for tax exemption?
As a resident of the U.K. you can avail of tax exemption by making a donation on www.foodforeducation.org.uk , the U.K. chapter of The Akshaya Patra Foundation.
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