How to get tax exemption for startups by donation?
Many startups in India explore various ways to contribute to social causes while also optimizing their tax liabilities. One effective method is making donations to eligible NGOs and claiming tax exemption under Section 80G of the Income Tax Act. This allows startups and businesses to support meaningful initiatives and reduce their taxable income at the same time.
To qualify for tax exemption, startups must ensure that the NGO they donate to holds a valid 80G certificate issued by the Income Tax Department. The donation should be made through approved banking channels such as UPI, net banking, cheque, debit or credit card. Cash donations beyond the prescribed limit do not qualify for tax benefits.
After making the donation, the startup must obtain an official donation receipt containing the NGO’s name, registration number, PAN, 80G approval details, and the amount donated. This receipt is required when filing the company’s income tax return to claim the deduction.
To get Tax Exemption under 80G, choose credible NGOs with transparent operations and proper compliance, startups can create positive social impact while legally benefiting from tax exemptions. Strategic philanthropy not only strengthens brand reputation but also supports sustainable development initiatives across communities.
https://sakshingo.org/80g-tax-exemption-on-donation/
#taxexemptionforstartups #80gtaxexemption #donationtaxbenefits #corporatedonationindia #startuptaxplanning #ngodonation
How to get tax exemption for startups by donation?
Many startups in India explore various ways to contribute to social causes while also optimizing their tax liabilities. One effective method is making donations to eligible NGOs and claiming tax exemption under Section 80G of the Income Tax Act. This allows startups and businesses to support meaningful initiatives and reduce their taxable income at the same time.
To qualify for tax exemption, startups must ensure that the NGO they donate to holds a valid 80G certificate issued by the Income Tax Department. The donation should be made through approved banking channels such as UPI, net banking, cheque, debit or credit card. Cash donations beyond the prescribed limit do not qualify for tax benefits.
After making the donation, the startup must obtain an official donation receipt containing the NGO’s name, registration number, PAN, 80G approval details, and the amount donated. This receipt is required when filing the company’s income tax return to claim the deduction.
To get Tax Exemption under 80G, choose credible NGOs with transparent operations and proper compliance, startups can create positive social impact while legally benefiting from tax exemptions. Strategic philanthropy not only strengthens brand reputation but also supports sustainable development initiatives across communities.
https://sakshingo.org/80g-tax-exemption-on-donation/
#taxexemptionforstartups #80gtaxexemption #donationtaxbenefits #corporatedonationindia #startuptaxplanning #ngodonation
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