Common Misconceptions about Section 80g What You Need to Know

Section 80g of the Income Tax Act offers tax deductions for donations made to specified charitable organizations but numerous misconceptions surround it. Many believe that any donation qualifies for this deduction, however best contributions to permitted entities or initiatives are eligible. Some count on that there’s no limit to the deduction quantity, while the regulation stipulates various caps based at the employer kind. Another common delusion is that individuals can handiest obtain deductions however, each people and corporate donors can advantage. Additionally, misconceptions concerning the documentation required for claims can lead to challenges in availing benefits, emphasizing the significance of expertise the specifics.