Let's do a survey now
Do you give for
A. charity
B. tax deductibility
Fundraising challenge for NGOs under Finance Bill 2020
In Nishabdha Seva's opinion, the bigger challenge under Finance Bill 2020 is not reapplying for tax exemption under 12AA or tax deduction under 80G. These are online application formalities which will be passed on by NGOs to their chartered accountants and tax consultations for a fee. The bigger challenge may actually be around fundraising.
*Will individuals and companies still give if they are to forfeit tax deduction?*
In our opinion, companies mandated under Section 135 of the Indian Companies Act 2013 to spend 2% of their pre-tax profits on CSR activities may still give. Individuals committed to certain charitable causes too may continue to give. In fact, fiscal year 2020-21 may actually be an eye opener for all of us – do people give for charity or tax deductibility? Most give for both. The test is whether there will be less giving or giving till it hurts (pun intended)!
Oh yes, we are cursed with living in interesting times for social good!
Er A VISSWANATHAN
Nishabdha Seva Founder
+91 9790724069
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Posted by: Nishabdha Seva <visswanathan.a@gmail.com>
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Please visit the website http://www.indiavision2020.org to read inspiring articles of eminent personalities
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