Thursday, 20 March 2014

Tax deduction on donations - a win-win for the donor and beneficiary

Like many other registered NGOs, The Akshaya Patra Foundation too provides its donors the benefit of tax deduction on donations. As an encouragement to implement the programme and also enhance community participation, the Central Government of India through the Finance Ministry has aided Akshaya Patra in a remarkable way by allowing the Foundation to seek donations and also provide tax deduction on donations under section 35 AC and 80G of Income Tax Act. The Foundation has also been permitted to collect overseas donation under the Foreign Contribution Regulation Act (FCRA), 1976.

The 13 years journey of Akshaya Patra would not have been possible without the charitable donation for children education through food. The Foundation is glad that it is able to thank the generosity of the valuable contributions at least through with the provision of tax deductions on donations. The importance of each penny is understood while gauging the difference it makes in a child’s life by gifting him or her with the goodness of food and education. The donation that an individual contributes is doubly beneficial. First, a share of his hard earned money goes toward child benefit and second, the donation is accounted for tax deduction.

When you contribute to Akshaya Patra, every donation of above Rs. 500 is eligible for availing tax deduction. Even though there is a provision of availing tax exemption, every donor would look at the reliability of a NGO before making any contribution. For the interest of the donor and also to continue maintaining the policy of transparency, Akshaya Patra provides to useful levels of references. The following links will provide details on cost break-up and audited financial report of the past fiscal year- Cost break-up of meal and Annual Report 2012-13.

Donations made online or offline are both eligible for availing the benefits of tax deduction. Depending on the ease and preference, a donor can choose to contribute donation for children education through food at: online donation, offline donation or mobile donation. If the donor wants to contribute as a part of Corporate Social Responsibility (CSR) initiative then he can see the various donating options at CSR initiative.

The mode and purpose of donation could be varied. But, what remains constant is that through each donation every individual endorses themselves to the cause of children education and healthy food. No exaggeration but each needy child is aware and thankful to each generous aid that has helped them receive one wholesome meal and hours of education every day. Food and education is the fundamental right of every citizen and this can be achieved only by active community participation. Government and NGOs are a medium but the actual difference can be made possible when the society steps in together.

Let’s together do something that will make us proud when we step into the future. Let’s together experience what’s called a ‘win-win situation’. Get involved with Akshaya Patra Foundation.

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