What is tax exemption? Minimum donation to get tax exempt? Do NRI get tax exempt certificate? Here are frequently asked questions by donors to Akshaya Patra.
As per the revised tax exemption act, effective April 1, 2017, donations above Rs 500 to Akshaya Patra will be eligible for 50% tax exemption under Section 80G of Income Tax Act. By contributing to Akshaya Patra, you will help in feeding school children and also help yourselves with tax deduction benefit.
The exemption is calculated by reducing the donated amount from your taxable salary. For instance, if your taxable income per year is Rs 200,000 and you make a donation of Rs 5,000 then your net taxable income will become Rs 197,500. Your tax will now be calculated on this new amount basis the prevailing tax rates.
For More Information :
The Akshayapatra Foundation
#72, 3rd Floor, 3rd Main Road, 1st & 2nd Stage
Yeshwantpur Industrial Suburb,
Rajajinagar Ward No. 10
Bangalore - 560022, India
Phone: 91 80-30143400
Toll Free Number: 18004258622