80g | 12a

Privileges of Income Tax Act, 1961 u/s 80G

INTRODUCTION

Section 80G of the Income Tax Act, 1961 avail an Income Tax Payee to claim deduction for donation made by them to certain organizations. This enables the people to donate for a very noble cause. You will get Income Tax benefits only in the case you have applied for Income Tax 80G benefits. It offers a deduction for donations to certain prescribed funds and charitable institutes. If a trust gets registered itself under this act, then the organization giving donation to the trust will get a 50% deduction from its taxable income.

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A cooperative society indicates a public registered or considered to be enlisted under any law identifying with reasonable orders for the present in power in any State or under the Central demonstration. Helpful societies may be legislated by the individual State cooperative Societies Act or by the Multi-State Cooperative Societies Act, 2002. The societies, whose primary location is to serve the investment in a specific State, are legislated by the Cooperative Societies Act of that particular State.