By Asia Samachar | Malaysia |
A group of donors at a recent gathering raised a whooping RM1.4 million for the Malaysian Sikhs Education Aid Fund (MSEAF).
And that’s just the start for the fund gearing up to assist as many needy Sikh students wanting to attend college or university.
Donors are now in for a treat. The fund, set up in 1951, is recognised by the Inland Revenue Board of Malaysia (IRBM) as a qualifying institution for tax exemptions.
“This will provide donors with significant financial benefits. By contributing to MSEAF, donors can reduce their taxable income, ultimately lowering their tax liability,” Harjit Singh, who runs a Petaling Jaya-based tax consulting firm, told Asia Samachar.
In a nutshell, donors can claim tax deductions on their annual tax returns based on the amount donated to MSEAF. However, there are limits on the amount that can be deducted whereby only 10% of the donor’s aggregate income is allowed to be deducted for charitable donations.
The deductions are effective for the period from 1 April 2024 to 31 March 2029.
Harjit is also assisting the fund to set up the MSEAF Family Trust, a novel way for families to come together to assist needy Sikh students. (More details to come).
Even with the funds raised at the evening event on Oct 12, a gallant addition to what had been collected earlier, MSEAF desperately needs a strong funding footing as there is still much space to be covered.
“There is a huge need for education funding out there, more so with PTPTN now slashing the amount they provide,” MSEAF vice chairman Manraj Singh Sandhu told Asia Samachar.
PTPTN, or Perbadanan Tabung Pendidikan Tinggi Nasional, is a Malaysian government body that offers study loans for higher education.
On its part, MSEAF provides interest-free loans of up to RM50,000 to Sikh students pursuing degrees and RM30,000 for diploma studies.
Since 1990, the fund has given close to RM3 million to about 200 students. In 2024, it approved a new sum of RM650,000 to 15 students, RM130,000 to five students in 2023 and RM183,000 to nine students in 2022.
“We saw an influx of interest in September. In that month alone, we approved RM150,000 worth of loans,” he said.
MSEAF is also collaborating with the Asia Pacific University of Technology & Innovation (APU), led by Parmjit Singh as its CEO, to provide 20% discount to deserving students.
New applicants or interested donors can call the MSEAF hotline at +6019-409-1918 or email apply@mseaf.com.my.
RELATED STORY:
Study loans up to RM50k for Sikh students (Asia Samachar, 26 April 2024)
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