Back

Where Does All the Donated Money Really Go? Maybe I’m not educated enough to understand where all the money goes. We see billionaires donating thousands of crores—Tata, Ambani, Adani, Premji, and others have donated billions of dollars. But where do

See More

Wild Kira

/Internet_ • 4m

Do you really think that it goes to development of backward areas? So whenever you read that some behemoth has donated money to a foundation there's a very high chance that they are the trustees of the foundation or someone from their family is a trustee of that foundation. If you think about it, It's a very clever business strategy because 1. under Section 80G of the Income Tax Act If you donate to certain specified non-profit organizations in India, you may be able to claim a deduction of up to 50% on your tax return. 2. Foundations don't fall under the category of RTI Act so you don't have to disclose the amount people have donated you. 3. You don't even have to disclose how you have utilised the donated money which i think in which there should be reforms. 4. Free publicity lol

1 replies
Replies (1)

More like this

Recommendations from Medial

Image Description
Image Description

Wild Kira

/Internet_ • 4m

Where Does All the Donated Money Really Go? Maybe I’m not educated enough to understand where all the money goes. We see billionaires donating thousands of crores—Tata, Ambani, Adani, Premji, and others have donated billions of dollars. But where do

See More
8 replies14 likes
3

CA Kakul Gupta

Chartered Accountant... • 2m

The Central Board of Direct Taxes (CBDT) has specified that no tax deduction at source (TDS) under Section 194Q of the Income Tax Act, 1961, will be required for purchases made from units of International Financial Services Centres (IFSC), provided b

See More
0 replies2 likes

K

Ph • 10m

Income Tax Return Filing When tax liability rises due to the receipt of arrears or additional payments, it typically happens because these amounts are added to the individual’s total income for the current financial year. This increase in incom

See More
0 replies5 likes

Vishu Bheda

Transforming vision ... • 10m

What's a scam that's so normalized that we don't even realize it's a scam anymore? Me- Taxes. Once you tax the income, why is there a tax again in the name of GST? Whatever the shop / company earns they can give it as income tax. This approach n

See More
0 replies9 likes
Image Description

Reyansh Rathod

Entrepreneur • 27d

Friends, have you ever thought that paying tax is our responsibility, but why does it seem like a deep trap? India's tax system is so complicated that the common man gets confused! On one hand, the changing rules of GST, on the other hand, the high r

See More
1 replies3 likes
2

RootDotAi

From the ROOT to the... • 1y

Key Things To do Before 31st March 2024 1 Invest in Tax Saving options Those who have opted for old tax regime must invest in tax saving options like ELSS MFs, Tax saver FDs, Life Insuarnace, PPF etc to claim deductions u/s 80C of the income ta

See More
0 replies3 likes

Om Pandey

An engineer • 2m

Filing Your ITR? Save on Taxes with Us! If you're planning to file your Income Tax Return (ITR), here's some good news: My organization is 80G certified! This means you can claim tax exemptions for donations made to us under Section 80G of the India

See More
0 replies4 likes
Image Description
Image Description

Hiral Jain

Content writer • 10m

Greetings everyone! Let's learn about our tax system! The Indian tax system is divided into two categories: Direct (income tax) and Indirect (GST)it's an unfair tax tbh. It's because everyone pays the same tax regardless of their income. For example

See More
16 replies11 likes
7

Ashutosh Mishra

Chartered Accountant • 9m

Income Tax season is here: Dont forget to claim House Rent Allowance (HRA) deduction given by your company so that you can save a substantial amount of tax.

0 replies7 likes

Rohit Kumar

Real Estate Experts,... • 26d

Our biggest problem is that we dream big, think big but act with a very trivial mindset. The most trivial mentality is that "I should do everything myself so that I don't have to give anything to anyone". This mentality of doing "everything" by onese

See More
0 replies2 likes

Download the medial app to read full posts, comements and news.