Want to save income tax under section 80G? Here's what you can do

People make all efforts to reduce their tax burden by opting for deductions up to Rs 1.5 lakh u/s 80C, up to Rs 50,000 u/s 80CCD(1b), and more. But if you still want to save tax money after exhausting all investment and deductions, there are a few more measures. One such way is charity. Surprised? You can avail deductions under section 80G of the Income Tax Act if you donate money to charity. The donations need to be made before the end of a financial year for availing tax benefits. However, while donating, you need to know which options will offer tax benefits on 100 percent of the donation amount and which options will provide 50 percent benefit, and also other details like the amount till which you would receive the tax benefits, how to donate, etc. Deduction is available for donation which is made to charities. However, before you write a cheque for donation, make sure that you have the following required information: Name, PAN, and address of the donee. These details are required to be reported while filing your income tax return in order to allow deduction. Also, don’t forget to collect a receipt which must clearly state the amount contributed by you, the mode, and other details regarding the payment made. Previously, the donation limit in cash was Rs 10,000. Since the financial year 2017-18, donations made in cash exceeding Rs 2,000 are not allowed as deduction. Donations of over Rs 2,000 can be made in any mode other than cash for qualifying under Section 80G. Various donations which are specified in Section 80G are eligible for a deduction of up to 100 percent or 50 percent with or without restriction. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.