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Union Budget 2023: If you want to get income tax exemption by donating to Jawaharlal Nehru Memorial, Indira Gandhi Memorial, Rajiv Gandhi Foundation, it will not happen now. Union Finance Minister Nirmala Sitharaman (Union Finance Minister Nirmala Sitharaman) in the budget (Budget 2023-24) has excluded these three foundations from the purview of taking advantage of deduction on donations. Now donations to these foundations will not get the benefit of tax exemption.
Will not get the benefit of donating
According to the budget proposal, it has been proposed to remove 80G exemption of income tax on donations to Jawaharlal Nehru Memorial, Indira Gandhi Memorial, Rajiv Gandhi Foundation. Under 80G of the Income Tax Act, if a person gives a donation to these institutions, then taxpayers can save tax by taking advantage of deduction on this donation.
Know what is change
The list has been included in sub-section (2) of section 80G of the Income-tax Act. In which any donation amount paid in the previous year will be allowed as deduction to the extent of 50%/100%. It includes only these 3 entities along with the names of some individuals. In order to set off such wealth, it is proposed to omit the exemption i.e. sub-clauses (ii), (iiic) and (iiid) of clause (A) of sub-section (2) of section 80G of the Act.
This amendment will be effective from April 1, 2024
Rajiv Gandhi Foundation, the deed of declaration in respect of which was registered at New Delhi on 21st June, 1991. This amendment will be effective from April 1, 2024. This amendment will be applicable in relation to the year 2024-25 and thereafter. It may be noted that the Jawaharlal Nehru Memorial Fund Indira Gandhi Memorial Trust in its meeting held on August 17, 1964 by the National Committee, the declaration in respect of which was registered on February 21, 1985 in New Delhi.
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