ECONOMICS
MONEY MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Purchases
|
|
|
Savings
|
|
|
Charitable donations
|
|
|
Interest
|
Detailed explanation-1: -Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Income Tax Act. All donations, however, are not eligible for deductions under section 80G. Only donations made to prescribed funds qualify as a deduction.
Detailed explanation-2: -Giving unwanted toys to those less fortunate, smiling at someone on the street, holding doors open for people or visiting a sick relative is still charity because it warms someone’s heart.
Detailed explanation-3: -You can claim a deduction under Section 80G of the Income Tax Act for contributions made to certain relief funds and charitable institutions. All donations, however, are not eligible for deductions under Section 80G. Only donations made to prescribed funds qualify as a deduction.
Detailed explanation-4: -Receipt. Bank or credit union statements. Canceled checks. Credit card statements.