22-JUN-2019: Tax rebate on donations to AMU
Aligarh, June 22: Donations to Aligarh Muslim University (AMU) have now become a convenient tool to reduce the income tax liability as the Chief Commissioner of Income Tax (Exemptions), Department of Revenue, Government of India (GoI), New Delhi has granted AMU 100 percent exemption under Section 80 G of Income Tax Act, 1961 for receiving donation exclusively to the objects for which it is established.
These donations can be sent on the AMU Donation Account, Number: 38430521716, State Bank of India, AMU Branch, Aligarh, Branch Code: 005555, IFSC Code: SBIN005555, Swift Code: SBININBB221, MICR: 202002099.
"Those willing to donate to the University will also get the certificate of exemption under Section 80 G of Income Tax Act, 1961 and with it the taxpayers can claim deduction for their donations made through cheque, draft or cash," said Prof S M Jawed Akhtar, Finance Officer of the University.
He pointed out that the GoI offers Section 80G donation tax rebate as an incentive for donation. Under the Income Tax Act, Section 80G can be accessed via contribution to AMU.
In an earlier notification to AMU, the Chief Commissioner of Income Tax (Exemptions), Department of Revenue informed: "In exercise of the powers conferred by the Sub-Clause (iii) of sub-section 2 (a) of Section 80 G of Income Tax Act, 1961 (43 of 1961), the prescribed authority notifies AMU as a University of National eminence."
The Chief Commissioner of Income Tax (Exemptions) pointed out the income tax exemption is subject to the conditions that AMU will apply the amount of donation received wholly and exclusively to the objects for which it is established, AMU will have to maintain separate accounts for these donations and a copy of account to each accounting year shall be submitted to the prescribed authority by December 31st next following the last date of accounting year.
Public Relations Office
Aligarh Muslim University