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Video instructions and help with filling out and completing Irs donation value guide 2022
Instructions and Help about Irs donation value guide 2022
Hello and welcome to part 19 of the income tax education series brought to you by H&R block the global leader in filing income tax returns today we will understand whether donations to various charitable institutions are tax-deductible donations to charitable institutions are eligible for a reduction from your taxable income however there is the condition that these charitable institutions should be registered under Section 8 PG 8 EG GA or 35 AC of the Income Tax Act depending on the type of organization or one that you donate to it you will either receive 100 percent or 50 percent of the amount donated as a deduction from your income for example if thora donates rupees 10,000 to our relief one register on the section 8 TG then she will receive a reduction of only 50 percent of rupees 10,000 which comes to rupees 5000 as a deduction from for taxable income however if donna donates to swachh bharat coach that has been recently added to the 80 GG a registered once by the finance minister in the finance bill of 2022 then she will receive the entire amount of rupees 10,000 as a deduction pair as suddenly people get a deduction under Section Appa people who own and come from business and profession get a hundred percent deduction under Section 35 a C I hope you found this useful if you have any further questions on this topic please feel free to ask us using hashtag asked block.