Crowdfunding is a novel way to raise small amounts of money from a big number of individuals using a crowdfunding website to support a project or activity. Green Sole teamed up with Fueladream.com, an innovative crowdfunding platform. They teach crowdfunding as a science, allowing you to make a far bigger impact. The biggest benefit of participating in crowd financing is a tax deduction. It aids in the redemption of the 80G tax limit. This is a fantastic chance to help a worthy cause while simultaneously saving money through the 80G donation trust.
Eligibility under Section 80G
Individuals, corporations, and Hindu Undivided Families are all able to donate to charity and claim a deduction under Section 80G, subject to government restrictions. NRIs are also eligible for Section 80G exemption list if they make gifts to qualifying trusts or institutions.
Section 80G Allows for Donations
Individuals who want to claim deductions under section 80G must make sure that the charity they’re contributing to is covered by the law. Only gifts to recognised and legitimate funds or charitable organisations are eligible for tax deductions. Trusts and charities must be registered under Section 12A before receiving an 80G certificate. Before doing business with a company, people should examine their qualifications.
Crowdfunding is a relatively new concept in India.
It’s a method of raising funds that enlists the assistance of friends, family, fans, consumers, and individual funders. This method taps into a large group of people’s combined efforts—mostly online via social media and crowdfunding platforms—and leverages their networks to expand reach and exposure.
Certain restrictions apply to donations made to qualifying trusts/charities that qualify for tax deductions. Donations made under Section 80G are divided into four categories, as listed below. Donations with a 100% tax deduction (no qualification limit): Donations in this category receive a 100% tax deduction and are not subject to any qualification limits. Such deductions are available for donations to the National Defense Fund, Prime Minister’s National Relief Fund, National Foundation for Communal Harmony, National/State Blood Transfusion Council, and others.
A noble cause that helps you too
On your behalf, Greensole will distribute back-to-school kits to children in need, which will contain a sustainable backpack, mat, mask, and slippers. In terms of refurbishing and logistics, each kit costs Rs. 750/-. You can choose to sponsor as many children as you like. Your donation is tax deductible, and you may get an 80G limit certificate upon request.
Greensole turns old shoes into pleasant footwear, keeping them out of landfills and delivering them to underprivileged children. We also sell ecological and vegan footwear in order to build a self-sustaining social project. All you have to do is register at www.greensole.com and become a member of the charity trust. Despite the fact that, according to a recent WHO report, 1.5 billion people are impacted by ailments that may be prevented by wearing proper footwear, more than 35,000,000 pairs of shoes are thrown away each year. A pair of shoes can take up to 65 individual components to be constructed in 360 steps, resulting in 30 lbs of emissions, which is equivalent to leaving a 100-watt light on for a year.