'Bharat ke Veer' Fund Contributions Become Tax Free Under Sec 80G

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    The Central Government has announced tax exemption under section 80G for contributions made by a taxpayer towards the 'Bharat ke Veer' fund. Bharat ke Veer is a Home Ministry fund that was formed with Bollywood film actor Akshay Kumar and former national Badminton champion Pullela Gopichand to aid families of paramilitary personnel that lost their lives fighting extremists. The maximum contribution that can be made to this fund is Rs 15 lakh.

    'Bharat ke Veer' Fund Contributions Become Tax Free Under Sec 80G
     

    Section 80G of the Income Tax Act deals with the deductions on taxable income on contributions made to certain relief funds or charitable institutions.

    In 4 part by part tweets, the Home Minister Rajnath Singh said, "Ministry of Home Affairs @HMOIndia had taken an initiative named @BharatKeVeer in April, last year. The success of the initiative has been stupendous. The initiative has now been formalised into a registered 'Bharat Ke Veer' Trust has been created by MHA for providing a platform to all citizens to contribute and provide assistance to the families of martyred CAPF personnel. The @BharatKeVeer Trust has been formed with seven Trustees headed by the Union Home Secretary. Noted film actor Shri @akshaykumar and former National Badminton Champion, Pullela Gopichand have also been included in the Trust as Trustees. Ministry of Finance @FinMinIndia has now given approval to @BharatKeVeer Trust under 80(G) which in effect means that all contributions to the Trust will be exempted under the Income Tax. I thank the ministry and FM Sh. @ArunJaitley for the exemption to #BharatKeVeer Trust."

    Read more about: section 80g
    Story first published: Friday, September 7, 2018, 14:59 [IST]
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