To boost the preparedness to battle Covid-19, PM Modi asked Ctizens to donate in the PM-Cares as per their bandwidth. No Doubt, these are rough times, and we need to band together. Covid-19 has been named the first Pandemic (hopefully the last) of this Decade. Sensing the looming threat, FinMin announced India’s ‘Economic Package’ worth INR 1.7 Lakh Crores. However, several Economists commented on the ‘Economic Package’ that India needs three times the amount to battle Covid-19.
Unsurprisingly enough, Several High Net worth Individuals/Organizations like Bollywood Celeb Akshay Kumar and the TATA Trust have pledged their resources to fight Covid-19.
In PM’s monthly address on his show, Mann Ki Baat, he appealed to the Citizens to Donate as per their financial capabilities. And many Individuals have risen to the occasion. Not just the HNIs, but many middle class Individuals have also Donated.
And it is easy to forget that under Chapter VI A, there is a clause that allows Individuals to claim Deductions while Donating u/s 80G. While it is important to know that there isn’t any upper limit to donate. As long as you have taxable income to claim deduction from, there is no limit on amount of deduction to be claimed u/s 80G. However, in case of cash donations, any amount donated in excess of INR 10,000 isn’t eligible for a Tax-deduction.
Note: If you wish to Donate in an International Organization, Tax-benefits u/s 80G aren’t available.
Remember, India has too many mouths to feed. And so the people who ‘Have’ need to help the ‘Not Haves’.
Links to Official Donation Websites: