TAX BENEFITS OF CHARITABLE DONATIONS UNDER SECTION 80G

Charitable donations in India are recognized as a worthy act and are encouraged by the government. Under Section 80G of the Income Tax Act, 1961, donors are entitled to certain deductions on their contributions made to eligible trusts. These incentives aim to encourage individuals and organizations to contribute towards the social well-being of the

Donations in-type are recorded about the books at truthful worth. FASB defines truthful worth as “the value that could be received to market an asset or paid to transfer a liability within an orderly transaction concerning market place participants on the measurement date.” If a volunteer or team of volunteers creates or improves worth within