In the wake of the ‘Pran Pratishtha’ ceremony for Ram Lalla’s idol, the global outpouring of donations for the Ayodhya Ram Mandir is witnessing an unprecedented surge, doubling every hour. As individuals from across the world contribute to this monumental project, taxpayers have a unique opportunity to not only support the construction of the Ram Mandir but also to claim valuable deductions in their income tax returns. In this article, we delve into the intricacies of the tax benefits associated with donations to the Ayodhya Ram Mandir and provide a step-by-step guide on how to claim these deductions in your Income Tax Return (ITR).
Understanding the Tax Benefits
The Government of India recognizes the significance of religious and charitable contributions, offering tax benefits to incentivize philanthropy. Donations made to registered religious institutions, including the Ayodhya Ram Mandir, qualify for deductions under Section 80G of the Income Tax Act.
1. Eligibility Criteria: To avail of tax benefits, it is crucial to ensure that the organization to which you are contributing is registered under Section 80G of the Income Tax Act. The trust responsible for the construction of the Ayodhya Ram Mandir should have the necessary approval from the Income Tax Department.
2. Deduction Limits: Taxpayers can claim a deduction of up to 50% of their donation amount under Section 80G. However, it is essential to note that the entire donated sum may not be eligible for the deduction, as certain conditions and limits may apply.
3. Mode of Donation: Whether you choose to donate online, through bank transfers, or in person, it is crucial to retain proof of your donation. A stamped receipt from the trust or organization is a vital document for claiming deductions.
How to Claim Tax Deductions in Your Income Tax Return (ITR)
1. Select the Appropriate Section: When filing your Income Tax Return, navigate to the ‘Income Details’ section. Look for the ’80G’ subsection, where you can declare your eligible donations.
2. Enter Donation Details: Provide accurate details of your donation, including the amount, date, and mode of payment. Attach the stamped receipt or acknowledgment provided by the trust.
3. Calculate Deduction: The deduction allowed under Section 80G is calculated as a percentage of the donated amount. Ensure you are aware of the applicable percentage for the Ayodhya Ram Mandir project.
4. Verify and Submit: Once you have entered all the necessary details, review your tax return to confirm the accuracy of the information provided. After verification, submit your ITR.
As the Ayodhya Ram Mandir takes shape as a symbol of cultural and religious heritage, taxpayers have a unique opportunity to contribute to this historic endeavor while enjoying tax benefits. By understanding the eligibility criteria, deduction limits, and the process of claiming deductions in the Income Tax Return, individuals can seamlessly align their philanthropic efforts with their financial planning. Join the global community in supporting the construction of the Ayodhya Ram Mandir and make your contributions count both spiritually and financially.