GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Section 80
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Section 80E
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Section 80F
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Section 80G
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Detailed explanation-1: -To promote the concept of charity towards the poor and the needy, the Indian government has been regularly encouraging people to donate and this donation can also be claimed as a deduction under Section 80G.
Detailed explanation-2: -Whenever you make a donation, request for a stamped receipt from the fund or trust or institution. The donation receipt must have the name, address, PAN, 80G registration number and validity of 80G registration of the Trust or Institution.
Detailed explanation-3: -Donations with 100% deduction (Subjected to 10% of adjusted gross total income): Donations made to local authorities or government to promote family planning and donations to Indian Olympic Association qualify for deductions under this category.
Detailed explanation-4: -If you make any donation to foreign trust then no deduction u/s 80G will be allowed. Any donation made to political parties like souvenirs, pamphlets etc will not be eligible for deduction under this section . Although contribution (other than cash) to political parties are eligible for deduction u/s 80GGB & 80GGC.