Budget 2023 Proposes Removal Memorial : If you want to get income tax exemption by donating to Jawaharlal Nehru Memorial, Indira Gandhi Memorial, Rajiv Gandhi Foundation, it will not happen now. Union Finance Minister Nirmala Sitharaman (Union Finance Minister Nirmala Sitharaman) in the budget (Budget 2023-24) has excluded the income tax exemption on donations to these three foundations.
Will not get the benefit of donating
Finance Minister Nirmala Sitharaman had said in the budget proposal that it is proposed to remove 80G exemption of income tax on donations to Jawaharlal Nehru Memorial, Indira Gandhi Memorial, Rajiv Gandhi Foundation. The process of approving certain institutions under the Income Tax Act exemptions and allowable deductions in respect of funds and donations receiving donations has been made.
Know what is change
The list has been included in sub-section (2) of section 80G of the Income-tax Act. In which any donated amount paid in the previous year will be allowed as deduction to the extent of 50%/100%. It is seen that only these 3 entities are included in the above section on the basis of names of individuals. In order to divert such money, it is proposed to omit sub-clauses (ii), (iiic) and (iiid) of clause (A) of sub-section (2) of section 80G of the Act.
This amendment will be effective from April 1, 2024
Rajiv Gandhi Foundation, the deed of declaration in respect of which was registered at New Delhi on 21st June, 1991. This amendment will be effective from April 1, 2024. This amendment will be applicable in relation to the year 2024-25 and thereafter. It may be noted that the Jawaharlal Nehru Memorial Fund Indira Gandhi Memorial Trust in its meeting held on August 17, 1964 by the National Committee, the declaration in respect of which was registered on February 21, 1985 in New Delhi.
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