Would you like to benefit from a tax exemption?
The children of TARA are thrilled by the generosity of their sponsors who support them from all around the world. Our little stars sometimes ask us if you manage to keep enough money for yourself! We reassured them: by contributing to TARA you are indeed eligible for tax exemption under section 80g in India.
Here is what you need to know about tax exemption for donations under section 80g.
What is tax exemption?
Tax exemption allows you to deduct part of your donation from your tax charges. Thanks to this mechanism, donations of individuals and companies to non profit organizations like TARA are encouraged and valued. Our French, American and Indian tax payers can benefit from tax deductions for their donations.
How can I get my receipt to claim tax exemption for donations?
We are happy to issue the receipts for your donations for the fiscal year on your request. Simply ask!
ET APRÈS LE PRÉLÈVEMENT À LA SOURCE ?
Comme vous le savez, dès le 1er janvier 2019, l’impôt sur les revenus se fera directement à la source, c’est-à-dire de façon mensuelle sur votre salaire. Mais en quoi cette réforme va-t-elle changer votre réduction fiscale ?
Premièrement, il n’y aura aucun impact sur le montant de cette réduction ni sur les démarches à accomplir pour bénéficier de celle-ci.
La réforme implique uniquement une modification du mode de collecte de l’impôt. Concrètement, ce qui va changer en 2019 :
- Dès le 15 janvier, un acompte de 60% de la réduction d’impôt à laquelle vous avez eu droit l’année précédente vous sera versé.
- Le reste du solde arrivera en septembre 2019 en fonction de votre déclaration d’impôt (remise en avril).
Pour résumer, la réforme ne change que le moment où vous recevrez le versement de votre réduction d’impôt. Celle-ci étant toujours calculée en fonction de l’année N-1.
Tax exemption in India
Being eligible for tax exemption under section 80g means that you can claim a 50% deduction on your total donation made during a fiscal year. For example, if you donate Rs. 10,000 in a year to an NGO under section 80g, Rs. 5000 can be deducted from your taxable income.
Tax exemption for donations under section 80g applies up to a limit of 10% of your Gross Total Income. Donation amount exceeding the 10% rule, if any, will not be eligible for tax exemption. Thanks to tax exemption, when you sponsor a child at TARA for Rs. 2000 per month, you actually pay only Rs. 1000!
Tax exemption for Indian companies
If you are a company, your donations to TARA are also eligible for a 50% deduction of your donation, up to 10% of your Total Gross Income.
Please note that we also welcome corporate donations under the Corporate Social Responsibility (CSR) provisions of the Indian Companies Act, 2013. Contact us if you are interested.
Tax exemption in France
Your donation to TARA is eligible for a 66% deduction of your taxable income, up to a limit of 20% of your Gross Total Income.
Companies can claim a 60% deduction on their donations to TARA, up to a limit of 0,5% of their turnover
Tax exemption in the US
US donations can be made through our US partner GoPhilanthropic Foundation. GoPhilanthropic is a registered 501(c)3 non profit organization and donations are tax exempt to the extent allowed by law (EIN#27-4939698). Tax receipts are issued in January each year for the total donations made in the previous calendar year.
Why should I support TARA?
When you sponsor a child at TARA, you open up a bright future for a vulnerable child, as he or she deserves. Thanks to your support, these children in need of care and protection will become independent and responsible adults, able to shape their future and take their families away from poverty for good.
Your contribution to TARA allows you to benefit from consistent fiscal advantages while making a real change in the lives of children in need. We are very excited and graceful for your financial support!