By Vivek Dubey
CNBC-TV18.com
Published Jan 22, 2024
Taxpayers can contribute to the temple and avail deductions while filing income tax returns (ITR).
The Shri Ram Janmabhoomi Teerth Kshetra Trust, established by the Government of India, oversees the temple’s construction and management.
Donations designated for the temple’s renovation and repair are eligible for tax deductions, according to the trust’s website.
The Central Government allows a 50% deduction of voluntary contributions for the temple’s renovation or repair under Section 80G of the Income Tax Act.
If the total amount donated exceeds 10% of the adjusted gross total income (GTI), any excess amount beyond the 10% limit will not be eligible for deduction.
Individuals can contribute to the trust through various means such as cheques, UPI, and Internet Banking.
For online donations, a receipt is instantly issued upon successful completion of payment. For other methods, the donation receipt is issued after verification.
Donations made to the trust from the financial year 2020-21 onwards are eligible for deduction.
To claim the deduction under Section 80G, individuals must retain the donation receipt and report the deduction when filing the ITR.
One should keep the donation receipts and relevant documents as supporting evidence for verification or audit purposes.