Posts

Showing posts with the label 80g deduction

Schooling – an important attribute towards child development

Image
 “For the sake of ten years’ benefit, we must plant trees. For the sake of a hundred years’ benefit, we must cultivate the people,” said the founding father of Vietnam, Ho Chi Minh. He was clear about the route to development and considered schooling one of the most important stepping stones towards humankind's success. Unlocking a child’s potential with schooling  A child's education is their primary means of gaining knowledge and information. It enables them to learn about a wide range of subjects, including literature, history, arithmetic, politics and more.  When you have more knowledge, you are better equipped to help others. For example, if you have studied mathematics, you can easily and accurately calculate your taxes. Additionally, if you possess a broad range of knowledge, you can actively participate in discussions and attract attention during gatherings. Deciding tomorrow’s path through schooling In India, education in school plays a crucial role in a child's ...

Social Impact of Section 80G of the IT Act

Image
 Every day, one comes across myriad societal issues such as malnutrition among children, homelessness, exploitation of street animals, gender-based violence and also pervasive environmental pollution. A collective effort is necessary to alleviate such issues. Here comes the role Section 80G of the IT Act plays as it gives tax exemptions for supporting various social welfare programmes and actively contributes to uplifting communities. Section 80G – An Overview Section 80G of the Income Tax Act, introduced by the Government of India, allows taxpayers to claim for deduction for their contribution to certain funds and eligible charitable organisations. Depending on the nature of the donation, the amount of exemption varies between 100% or 50%. Providing tax benefits, thereby, encourage people to support different social causes and ultimately makes a positive impact in society. The Role of NGOs in Fostering Social Welfare Programmes NGOs act as a bridge between the government a...

Celebrating World NGO Day. Empowering Change in India

Image
 Every year on 27 February, World NGO Day is celebrated globally to recognise the invaluable contributions of Non-Governmental Organisations (NGOs) towards social progress, humanitarian causes and sustainable development. In India, where NGOs play a pivotal role in addressing various societal issues, the day holds special significance, marked by a multitude of events and initiatives aimed at fostering positive change.  Understanding the history of this significant day sheds light on its evolution and underscores the importance of acknowledging the pivotal role played by NGOs worldwide. The inception of World NGO Day dates back to 2010 when the IX Baltic Sea NGO Forum, held in Lithuania, proposed the idea of establishing a day to celebrate the invaluable work of NGOs across the globe. The initiative gained traction and was subsequently endorsed by the Baltic Sea NGO Network. The first World NGO Day was celebrated on 27 February 2014, marking the culmination of years of advocac...