Securing financial advantages through charitable donations is a noble endeavor that fosters responsible wealth management. Under Section 80G of the Income Tax Act, individuals can claim deductions on their income tax returns for contributions made to eligible charities . This provision not only reduces your tax liability but also channels resources

The downside is you won’t acquire any tax deductions all through your lifetime, plus the charity received’t get nearly anything until finally When you die, which might be many years away. Doug Whiteman is an award-profitable journalist with 3 decades of practical experience masking personal finance, starting up when he was the Washington, D.C.