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Thu 31, 2016
The funds received from foreign donors for the quarter ending March 2016 is given below:  View full Description
 
Thu 31, 2015
Dear all, kindly find below the DETAILS OF THE FOREIGN CONTRIBUTIONS received during the quarter October to December 2015. View full Description
 
 
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Tax Relief
 

TAX RELIEF under Section 80 G of Income Tax Act
RECEIPT TO BE ISSUED TO THE DONOR

Very often we come across the sections 80 G, 80 C , 80 DD and some other sections while planning our income taxes. The amount donated towards charity attracts deduction under section 80G of the Income Tax Act, 1961. And your New Life gives you the receipt for your generous donations which can be produced for claiming tax exemption.

Allowable to all kind of Assessee:- Any person or ‘assessee’ who makes an eligible donation is entitled to get tax deductions subject to conditions. This section does not restrict the deduction to individuals, companies or any specific category of taxpayer.

Donation to Foreign Trust:- Donations made to foreign trusts do not qualify for deduction under this section.

Donation to Political Parties:- You cannot claim deduction for donations made to political parties for any reason, including paying for brochures, souvenirs or pamphlets brought out by such parties.

Only donation made to made to prescribed funds and institutions qualify for deduction: - All donations are not eligible for tax benefits. Tax benefits can be claimed only on specific donations i.e. those made to prescribed funds and institutions.(NEW LIFE is a prescribed institution).

Maximum allowable deduction:- If aggregate of the sums donated exceed 10% of the adjusted gross total income, the amount in excess of 10% ceases to be entitled for tax benefit.

Stamped receipt:  For claiming deduction under Section 80G, a receipt issued by the recipient trust is a must. The receipt must contain the name and address of the Trust, the name of the donor, the amount donated (please ensure that the amount written in words and figures tally).

Only donations in cash/cheque are eligible for the tax deduction:-Donations in kind do not entitle for any tax benefits. For example, during natural disasters such as floods, earthquake, and many organisations start campaigns for collecting clothes, blankets, food etc. Such donations will not fetch you any tax benefits.

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