Yes, it's true. Making a donation to a charitable organization can help you save on taxes. So, if you have been donating all this while to organizations but not saving on taxes, remember to do so this year. DanaMojo, India's First Integrated Payment Solutions Platform exclusively for NGOs has launched an interactive tool, its Giving Calculator, to allow you to do just that.
You can use the Giving Calculator to determine your ideal giving amount and subsequent tax savings. The calculator calculates an individual's tax savings and their annual and monthly giving amounts based on their total annual income, aspirational giving levels and their tax bracket.
So, as you sit down at the end of this financial year for your tax-planning and make your personal investments decisions, remember to donate and make a social investment as well. Social investments not only provide a tax benefit but also help you to make the world a better place.
You can claim deductions under Section 80G of the Income Tax Act for contributions made to certain relief funds and charitable institutions. You can claim 100% or 50% deductions based on which charitable organization/ fund you donate to.
Dhaval Udani, CEO-DanaMojo said, "While most people give out of the goodness of their hearts, it is important for individuals to understand that they can make savings for their philanthropic efforts and make giving a consistent habit.
Our calculator allows them to set an annual or monthly target and to understand these savings at the end of the financial year."
This powerful tool is a must use for all Indian citizens that will allow them to save on taxes while giving more to the causes they care most about. The platform allows complete privacy as it does not ask nor store any personally identifiable information.