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of <h1>Finance Bill 2020: New Rules for Donation Reporting, Approval, and Deductions u/ss 80G and 80GGA Effective June 1.</h1> The Finance Bill 2020 proposes amendments to ensure accurate reporting of donations for tax deductions. Exempt entities receiving donations will now be required to file statements and issue certificates to donors, facilitating a one-to-one match between donations received and deductions claimed. Failure to comply will incur fees and penalties. Additionally, entities must apply for approval or registration under various sections, valid for five years, with provisional approval for new applications. Deduction under sections 80G and 80GGA will only be allowed if the donee furnishes the required statement. Cash donation deductions under section 80GGA are capped at Rs. 2,000. These changes take effect from June 1, 2020.
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